Australian Dollar (AUD) Outlook: Business Confidence and Building Approvals Decline, Signaling Economic Slowdown - Bearish Sentiment in Short Term

One Million Trade - 2024-03-12 00:30:00

The data published for AUD shows a decrease in NAB Business Confidence from 1 to 0, indicating a decline in business sentiment. Additionally, Building Approvals have also decreased from -10.1% to -1.0%, suggesting a slowdown in the construction sector. These data points may signal weakening economic activity in Australia, which could lead to lower consumer spending and investment. This could have a negative impact on the AUD, as investors may shift their funds to safer currencies.

Currency sentiment: Bearish

Sentiment timeframe: Short term