The Australian dollar fell flat in the Asian session on Tuesday (10/11) this morning after reports of Australian business confidence as well as China's consumer inflation, the country's main export destination for Australia. AUD / USD was trading at 0.7047 slightly sloping 0:01 percent after two such data was announced.
Australian business confidence levels eased though still quite positive in October. Business confidence figures have also had through various revisions in the midst of change of leadership of the Australian Prime Minister Tony Abbott to Malcolm Turnbull.
NAB survey released monthly report showing that business confidence figures are at number 2 in October, down from number 5 in September. In addition, NAB also released data on home loans in September rose 2.0 percent, better than the 0.1 percent gain achieved in September.
Commenting on Australian business confidence engorgement, James Glenn, senior economist at NAB told Business Spectator that the worsening business confidence began to spread widely in some areas of Australia and the index impressed "wishy-washy". But nonetheless, continued Glenn, these conditions still lead to a recovery in the non-mining sector, mainly business individuals and business services.
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