THE TAKEAWAY: Australian business confidence falls to April 2009 lows > Economic docket has been relatively mixed this week reporting both strength and weakness > AUD/USD sold
The Australian Dollar traded lower as the National Australian Bank reported business confidence figures that touched its lowest reading since April 2009. In addition the bank also reported business condition figures remained unchanged from last month which marked the lowest reading since June 2009.
It seems as if the Australian economic docket has produced a mixed bag of data these last few trading sessions as yesterday produced strong investment lending figures and China reported healthy industrial production growth which bodes well for Australian exports. Forex markets appear to be pricing in a 58 percent probability that the RBA will reduce interest rates by another 25 basis points during next policy meeting in February.
Looking ahead this week, the economic calendar is relatively light with consumer inflation expectations scheduled for Thursday as probably the most significant release.
AUD/USD, 1 Minute Chart
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