Investing.com - The Australian dollar fell in Asia on Wednesday after a sentiment indicator published by Westpac and the Melbourne Institute showed a sharp drop.
AUD/USD traded at 0.8958, down 0.22%, from nearly flat before the data, which showed a drop of 0.7% to 99.5 for March, comnpared to the previous reading, a drop of 3%.
"We retain our view that rates will remain unchanged over the first half of 2014, but with two further 25bp rate cuts in the second half. The ongoing downturn in mining; fiscal consolidation; a stubbornly high currency amidst a fall in the terms of trade combine with two important macro dynamics the bank is presently choosing to understate: the feedback on confidence and incomes from continued labour market weakness and ongoing caution amongst business and consumers," said Westpac senior economist Matthew Hassan.
Also coming up in Australia, January Housing Finance is due at 1130 (0030 GMT), with a decline of 0.5% month-on-month expected.
Later on, the Reserve Bank of Australia's Deputy Governor Phillip Lowe is due to give a speech in Sydney at 1800 local time (0700 GMT).
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Forex - Australian dollar down after Westpac-MI sentiment slumps
Published 03/11/2014, 07:42 PM
Updated 03/11/2014, 07:43 PM
Forex - Australian dollar down after Westpac-MI sentiment slumps
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