Australian Dollar Drops with Business Confidence

The Australian dollar declined today amid the worsening business confidence in Australia and the general negative market sentiment.
National Australia Bank reported that the business conditions improved from +1 to +3 in June. The report said that the increase was a result of “a lift in the employment and trading sub-indexes”. At the same time, the business confidence dropped from +7 to +2 following the sharp increase in May. The report noted that “the decline in confidence was broad-based across industries”.
AUD/USD slumped from 0.6971 to 0.6929 as of 19:38 GMT today. EUR/AUD jumped from 1.6081 to 1.6173.

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