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Australian Dollar Drops with Business Confidence

July 9, 2019 at 19:39 by Vladimir Vyun

David Unaipon on Australian 50-dollar billThe 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.

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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