- Australian Dollar falls against US Dollar following weak consumer and business confidence data
- Westpac Consumer Sentiment Index dipped 0.5% in August, aligning with elevated concerns about the economic and employment outlook
- Business confidence and conditions deteriorated in August as per NAB's Business Confidence Index, reaching their lowest levels since November and January 2022, respectively
- Despite the Reserve Bank of Australia's firm stance against rate cuts due to inflationary concerns, analysts predict a shift toward an easing cycle with a rate cut anticipated by December
- On the data front, China's August exports surpassed expectations by growing 8.7% YoY, largely influenced by favorable base effects
- Import growth, however, was weaker than anticipated at 0.5%, indicating limited progress in boosting domestic demand
- All economic news in China is closely followed by Aussie traders as it is a close trading partner from Australia
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