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Aussie dollar lower on confidence data

10th December 2013

Declining business confidence in Australia has sent the country's dollar lower against its US counterpart today (December 10th).

The National Bank of Australia's business confidence index dropped to five in November, following an upwardly-revised reading of six for the previous month.

A separate report showed home loans in the country increased by one per cent in October, matching the consensus estimate. This comes after a downwardly-revised gain of 3.5 per cent in the previous month.

In addition, the Aussie dollar's progress in forex trading markets has been stunted by mixed economic data out of China, which is the country's largest export partner.

Investor sentiment continues to be supported after the US non-farm payrolls report on Friday showed the level of unemployment in America dropped to a five-year-low of seven per cent in November. 

The Federal Reserve has previously stated it will look to end its monetary stimulus programme when this rate falls to or below 6.5 per cent. 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.