Aussie Trims Gains After Rallying on Strong Business Confidence

The Australian dollar rose today on the back of the strong business confidence, though the currency has trimmed its gains by now.

The NAB business confidence rose from 8 in May to 9 in June. The report said:


Business conditions hit another multiyear high, with most industries performing well.

Meanwhile, home loans rose 1.0% from April to May on a seasonally adjusting basis. The reading was better than the drop by 1.9% in April but worse than analysts’ expectations of a 1.5% increase.

AUD/USD was up from 86.73 to 87.25 intraday, touching the strongest level since March 16, before trading at 86.97 as of 13:10 GMT today. EUR/AUD was flat at 1.4982 following the drop to the session low of 1.4927.

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