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The Australian dollar is coming under renewed selling pressure

Simples. Picture: Marvel

It’s been a tough session for the Australian dollar, like most risk assets across Asia on Tuesday.

Currently the AUD/USD buys .7040, having fallen to as low as .7030 earlier in the session.

From the high of .7243 struck on Thursday last week, it has now lost close to 2.5% against it US namesake, and nearly 5% against the Japanese yen.

The losses in the Aussie – largely due to persistent concerns over the current outlook for the global economy – came despite the release of a resilient Australian business confidence report for January earlier in the session.

According to the NAB, the surveys confidence index held at +2 in January, bucking weakness that has plagued financial markets.

With most markets in Asia still closed for Lunar New Year celebrations, attention will now turn to upcoming European and US data releases, headlined by German trade and industrial output figures along with the JOLTS jobs report from the US.

Here’s the current Aussie dollar scoreboard as at 1.30pm AEDT.

  • AUD/USD 0.7040 , -0.0043 , -0.61%
  • AUD/JPY 81.03 , -1.02 , -1.24%
  • AUD/CNY 4.6320 , -0.0222 , -0.48%
  • AUD/EUR 0.6283 , -0.0041 , -0.65%
  • AUD/GBP 0.4880 , -0.0028 , -0.57%
  • AUD/NZD 1.0668 , -0.0014 , -0.13%

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