Currency Update: Concern about global economic growth, particularly in China weighed on the AUD

Currency Update: Concern about global economic growth, particularly in China weighed on the AUD. US equities were down, but importantly copper was sharply lower. Oil too was down and the safe haven, gold, was higher. The USD was flat, with JPY stronger. In Australia yesterday, the NAB business survey was disappointing, with business confidence and conditions lower. It also showed a lower employment outlook which is the main issue of concern for the Australian economy. Today, the market will keenly look to the Westpac consumer confidence reading and January housing finance commitments. The US Commerce Department announced a 1.9% fall in wholesale results for January, the biggest drop in four years. In the United Kingdom, Bank of England Governor Mark Carney testified he expects the policy rate to rise but only gradually and that it will settle around 2-3%.