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Australian Dollar Bounces After Intraday Decline

September 12, 2018 at 12:36 by Vladimir Vyun

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.

If you have any questions, comments or opinions regarding the Australian Dollar, feel free to post them using the commentary form below.

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