During early Asian deals on Wednesday, the Australian dollar weakened against it major counterparts as a report from the Westpac Bank and the Melbourne Institute showed that Australia's consumer confidence fell in June. The aussie thus eased from previous session's multi-day highs against other majors.
Consumer confidence in Australia declined 5.7 percent to an index reading of 101.9 in June, according to survey results released today by Westpac Bank and the Melbourne Institute.
The index registered a 7.0 percent decline in the preceding month.
Combined, the the 12.7 percent fall marked the biggest two-month decline since the height of the financial crisis in March 2008.
After moving up marginally in early trading on the back of a late rally on Wall Street overnight, the Australian stock market has drifted lower today and is trading in negative territory with investors choosing to tread cautiously amid lingering concerns about debt worries in Europe. A decline in consumer confidence and concerns over the proposed mining tax are also contributing to the weakness.
The benchmark S&P/ASX 200 index is currently trading at 4,378, down 3.2 points or 0.07% from its previous close. The broader All Ordinaries index is down 3.7 points or 0.1% at 4,397.50.
The Aussie slipped against the currencies of US and Japan in early Asian deals on Wednesday. As of now, the aussie is worth 0.8240 against the greenback and 75.30 against the yen, down from multi-day highs of 0.8287 and 75.86, hit respectively in late New York session yesterday. The near term support level for the aussie is seen at 0.810 against the greenback and 74.1 against the yen.
During early Asian deals on Wednesday, the Aussie dropped against the euro. At present, the aussie is trading at 1.4520 against the euro with 1.470 seen as the next downside target level.
The Aussie weakened against the Canadian dollar in early Asian deals on Wednesday. The aussie-loonie pair is currently worth 0.8630 and the next downside target level is seen at 0.858.
In early Asian deals on Wednesday, the Aussie fell against the New Zealand dollar. The aussie-kiwi pair is presently trading at 1.2390. If the pair slides further, it may likely target the 1.230 level.
There are no significant economic reports due from Europe today except the UK trade balance figures.
Across the Atlantic, the US wholesale inventories data for April has been scheduled for release at 10:00 am ET.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.