Australian Dollar Drops after Survey Reports Show Consumer Confidence Worsening

Australian Dollar Drops after Survey Reports Show Consumer Confidence Worsening

A Westpac Banking Corp. and Melbourne Institute survey revealed that in Australia, the index for consumer for September dropped 4.6 percent from the previous month to 94. Any figure that is less than 100 signals that the number of pessimists are more than the optimists.

For the first time in the last five months, the Australian dollar dropped below its 200-day moving average as a private report revealed that consumer confidence is in its worst figures.

The U. S Dollar touched its highest point in six-year against the yen on assumptions that the U. S. employment data which will be released tomorrow will support reasons for the Federal Reserve to increase the rates of interest next year. The pound however was close to its lowest point since November following a survey of voters in Scotland which revealed new validation of a sway away from the U. K.

Chris Weston, chief market strategist at IG Australia, a unit of IG Group, in Melbourne said that, "The U. S. dollar has had a really nice rally against everything else. The euro and the pound are so oversold that now people are looking to a positive U. S. dollar bias against the Aussie."

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