September 11, 2012
Just like other higher yielding currencies, the Australian dollar started the week off on the wrong foot. AUD/USD slipped 29 pips lower to finish at 1.0336. Will we see more of the same from the Aussie today?
Earlier today, the NAB business confidence index was released but unfortunately, it printed a reading of -2.
What does this mean homies? It means that our mates from the Land Down Under are a little less optimistic about the state of the Australian economy. Take note that the index has been fluctuating back and forth between improving and worsening conditions, so it’ll be interesting to see how this plays out going forward.
No biggies on the docket today, so we might see a little more consolidation on AUD/USD. Nevertheless, always stay on your toes as you never know what might hit the markets!
"The only cable I watch is the pound baby."