Aussie Drops Even as Business Conditions Index Reaches Record High

The Australian dollar dropped today against its most-traded rivals, though not against the extremely weak Japanese yen, even as Australia’ business conditions index reached a record high. Yet by now, it looks like the currency managed to pare its losses.

The National Australia Bank reported that the business conditions index climbed from +18 to +21 in February, reaching a record high. At the same time, the business confidence index declined from +11 to +9.

Released separately by the Australian Bureau of Statistics, home loans dropped by 1.1% in January from the previous month, while analysts had expected just a negligible decline by 0.1%.

AUD/USD traded near the opening level of 0.7874 as of 12:19 GMT today. AUD/JPY rallied from 83.81 to 84.37.

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