Australian Dollar Reverses Gains Caused by Improving Consumer Sentiment

The Australian dollar jumped today after the release of positive macroeconomic data in Australia but reversed its gains shortly afterwards and is now trading near the opening level.

The Westpac Melbourne Institute Index of Consumer Sentiment rose 3.6% in October from September. The report said:


This is the first time since November last year that optimists have outnumbered pessimists and represents the highest level of the Index since October last year.

Today’s data followed yesterday’s report that showed the sentiment of businesses was improving as well.

AUD/USD traded at 0.7790 as of 12:03 GMT today after opening at 0.7777 and reaching the daily high of 0.7808. AUD/JPY was at about 87.37 after it opened at 87.44 and rallied to 87.63 intraday.

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