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Australian Businesses Welcome Likelihood of Rate Cut
The National Australia Bank Index of business confidence rose to -2 in September, up from -8 in August. Businesses are hoping that as the chances of a rate cut increases, the Aussie will fall and help the export driven economy. Businesses are for now ignoring the global financial uncertainty and are looking forward to the favorable exchange rate. In August the AUD/USD traded at all time highs of 1.1000. The pair fell over 1000 pips in September as financial uncertainty shook the world. Australia has one of the highest interest rates among the developed economies at 4.75%. Investors from around the world bought into ... (full story)