The Australian dollar is falling in Asian trade.
A short time ago, the Aussie was at 0.7871, down half a per cent for the session. Here’s the chart, showing a steady sell-off.
The interesting thing is there’s no clear reason for the move, although global markets have moved to a risk-off tone as we await Chinese inflation data soon.
The sell-off was already underway when the monthly Westpac Consumer Confidence data came out at 10.30am. That index fell again and is now showing the longest string of weakness since 2008.
The Aussie fell slightly again at the time that data was released and continued to drift lower.
May be an interesting session ahead on forex markets.