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Aussie Eases From New Multi-week Highs Against Greenback And Yen 10 days ago
(RTTNews) - The Australian dollar weakened against its major counterparts during Tuesday's early Asian trading despite an economic report that said the nation's business conditions and confidence rose in October. The Aussie thus fell from new multi-week highs against the US dollar and yen.
According to survey results released by National Australia Bank the business confidence and business conditions in Australia both increased in October. NAB said business confidence increased 2 points in October to plus-16 while business conditions advanced 9 points to plus-12.
NAB said all three components of its business conditions index were higher in October, with business profits up 9 points to plus-13, employment up 8 points to plus-7 and trading up 7 points to plus 15. October marked the first move into positive index territory for the employment component since August 2008.
The Australian dollar that rose to new multi-week highs of 0.9326 against the US dollar and 83.89 against the yen dropped to 0.9276 and 83.45, respectively. The Aussie-dollar pair closed yesterday's deals at 0.9299 and Aussie-yen pair at 83.63. If the Australian currency moves down further, 0.895 is seen as the next downside target level against the dollar and 80.27 level against the yen.
The Ministry of Finance said that Japan posted a current account surplus of 1.568 trillion yen in September, climbing 0.2 percent on year. That beat analyst expectations for a surplus of 1.51 trillion yen following the 1.171 trillion yen surplus in August.
Exports were down 32.1 percent on year to 4.8 trillion yen, while imports shed an annual 37.7 percent to 4.2 trillion yen for a BOP trade surplus of 599.2 billion yen.
The Australian dollar started ticking down against the euro by about 7:30 pm ET Monday. The Aussie thus fell from 1.6101 to 1.6159 by 10:30 pm ET, with 1.63 seen as the next support level. The Aussie was worth 1.6140 against the yen at Monday's New York session close.
German October final CPI, French September industrial production and Eurozone November ZEW survey are expected.
Against the Canadian dollar, the Aussie edged down after rising to 0.9842 by 6:30 pm ET. Currently the Aussie-loonie pair is trading at 0.9822, compared to 0.9812 hit late Monday in New York.
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