The Australian dollar traded flat today with upward bias even though the report showed an unexpected drop of the consumer sentiment in Australia. The same pattern of sideways trading was seen yesterday in the first half of the trading session, but later most currencies have broken to the downside.

Currently it’s hard to tell whether the Forex market would see such breakout today. It’s true that the fundamentals aren’t very good for the Australian currency. The Westpac consumer sentiment index dropped 8.3 percent this month even though the Australian central bank lowered the interest rates to support the economic growth on its last monetary policy meeting. The index stands at the lowest level since August. On the other hand, the Aussie didn’t pay much attention to the negative data and currently is gradually rising higher.

AUD/USD fell from 1.0016 to 1.0004 today as of 11:05 GMT after falling to the low of 0.9982 and climbing to the high of 1.0044. AUD/JPY was a little down from 78.11 to 78.02.

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