Australian Dollar Bounces Despite Risk Aversion

The Australian dollar was down intraday but bounced later, rising above the opening level against some of its rivals.
The business confidence reported by the National Australia Bank rose from +5 to +6 in September, staying around the long-run average. The NAB business conditions edged up from +14 to +15, stabilizing after the decline earlier this year. Alan Oster, NAB Group Chief Economist, explained the increase:

The rise in the month was driven by an improvement in the employment index. This improvement was partially offset by a small decline in trading conditions, while profitability was unchanged.

AUD/USD opened at 0.7077, fell to the daily low of 0.7054 but bounced to 0.7086 as of 15:27 GMT today. EUR/AUD declined from 1.6226 to 1.6191 following the earlier rise to 1.6262.

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