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German confidence boosts Aussie dollar

German confidence boosts Aussie dollar article image
The Australia dollar opened higher this morning on the back of a rise on equity markets and a lift in German business confidence. At 07:00 (AEDT), the dollar was trading at $US0.8919/24, up 0.39 percent from Friday's close of $US0.8885/89. CMC Markets analyst David Taylor said the dollar had been boosted by further improvement in German business confidence, which rose for the ninth consecutive month in December, IFO Institute figures reveal. "Fortunately, we got some good business confidence data out of Germany: it rose for the ninth consecutive month," he said. "I think that’s seen a little bit more risk appetite in the market. The Aussie dollar has benefited from that, and naturally we’re just seeing a little bit more money flowing into the riskier sectors today."

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