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AUD/USD: Eyes 3-month lows as Australia's Business Confidence drops to lowest since mid-2013


Tuesday, 28 January 2020 08:19 WIB

Dollar Australia,AUD/USD,


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AUD/USD looks set to print a 3.5-month low below 0.6750 with Australia's business confidence gauge hitting multi-year lows.

The currency pair is currently trading at 0.6753, representing marginal losses on the day, having hit a high of 0.6762 a few minutes before press time.

National Australia Bank's (NAB) Business Confidence weakened in December, falling 2pts to -2 index points, the lowest read since mid-2013. Meanwhile, Conditions edged 1pt lower in the month to +3 index points – another below-average result and one that is well below the level seen in early 2018, according to the official report.

Business Confidence was seen rising to 1 from November's 0 reading, while Conditions was forecasted to drop to 3 from November's reading of 4. The US-China trade tensions ebbed significantly in the final months of 2019, even so, Australia's Business Confidence fell into the negative, possibly because the nation battled devastating bushfires in the final month of the year.

Source : FXstreet


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