FXstreet.com (Sydney) - The EUR reversed recent losses against the AUD and is trading at 1.6222. The pair reached an intraday high of 1.6395 and finds support 1.5950 and resistance is at 1.6475. The likely trend is downwards.

The AUD lost ground to major currencies after the government released negative news on the economy. Business spending dropped by 3.9% in the September quarter unexpectedly. This could result in the RBA delaying to increase interest rates until next year.

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