11th March 2014
Weaker-than-anticipated Australian business confidence data has failed to dampen demand for the country's currency today (March 11th), with the Aussie dollar advancing against its US counterpart.
Overnight, National Australia Bank said its business confidence index fell to 7.0 last month, down from 8.0 in January.
Despite this, the Aussie advanced to a session high of $0.9051, before settling at $0.9033 as of 11:15 GMT, up by 0.14 per cent for the day.
However, the currency's gains in forex trading markets have been limited following the release of official trade data from China yesterday.
Trading sentiment was rocked after the figures showed exports declined by 18.1 per cent year on year in February, despite expectations for a gain of around 7.5 per cent.
China is the world's largest consumer of metals and Australia's most significant trading partner. Recent fears regarding a potential slowdown in the country's economic growth have therefore weighed on the Aussie.
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