The Australian Dollar has weakened against the Pound and shed its gains against the US Dollar after the AUD/USD pair fell by 83 pips in Asian trading. The cause for the currency’s decline was the release of weaker-than-expected economic data releases.
The National Australian Bank’s business Confidence Index for the second quarter of 2013 came in worse than anticipated after it declined to minute 1, far off the positive reading of 2 in the first quarter of the year.
The cause for the decline was summed up by NAB chief economist Alan Oster who said; “Business conditions were especially weak in mining, manufacturing and retail, suggesting lower borrowing rates and a falling Australian Dollar has done little to support activity in these industries. The services sectors continue to outperform all other industries, but even these appear to have been adversely affected by weakness elsewhere.”
Other data was released by the Australian Conference Board which released its leading indicator data for May earlier today. The leading indicator of Australian economic conditions remained unchanged for the month at 123.2. The index had previously risen by 0.3% in April and 0.2% in March.
Current Exchange Australian Dollar (AUD) Rates
The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9148
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6983
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6032
The Australian Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.1633
The US Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0930
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4320
The Pound Sterling /Australian Dollar Exchange Rate is currently in the region of: 1.6576
The New Zealand Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.8595
Correct as of 09:55 am GMT
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