The Australian dollar dipped today following the release of a negative macroeconomic report in Australia but bounced later, trading near or above the opening level against its most-traded rivals by now.
The Westpac Melbourne Institute Index of Consumer Sentiment declined 3% in September from the previous month after falling 2.3% in August. As a result, the index touched the lowest level since November. The report explained the weak reading citing the following reasons:
The detail suggests that confidence has been affected by increases in mortgage interest rates; political instability and household budget pressures.
AUD/USD traded near the opening level of 0.7115 as of 12:27 GMT today after dipping to 0.7093 intraday. EUR/AUD fell from 1.6288 to 1.6271 after rallying to the daily high of 1.6340 earlier.
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