Aussie Weakens After Starting Session Strong

The Australian dollar started the current trading session strong but eased down since then, trimming gains against some rivals and losing them completely against others.

The business confidence index reported by the National Australia Bank fell from +8 to +6 in the December quarter. The trade balance surplus of China, Australia’s biggest trading partner, narrowed sharply in January. It is not necessarily a bad sign for the Australian economy as that was a result of a surge in imports, which bodes well for Australia’s trade.

AUD/USD slid from 0.7820 to 0.7805 as of 11:30 GMT today after rallying to the high of 0.7843 earlier. AUD/JPY traded at 85.61, rising from the open of 85.49 but backing off the session high of 85.97.

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