Australian dollar lower after weak German data

THE Australian dollar is slightly lower after European and US stock markets fell overnight.

Close-up of used Australian one dollar coin photographerd in Melbourne, Wednesday, June 13, 2012. Reserve Bank of Australia governor Glenn Stevens today said there are big benefits to Australian's as consumers from the high Aiustralian dollar (AUD). (AAP Image/Julian Smith) NO ARCHIVING

THE Australian dollar is slightly lower after European and US stock markets fell overnight.

At 0630 AEDT on Tuesday, the local unit was trading at 88.04 US cents, down from 88.16 cents on Monday.

Caution crept into markets after German business confidence fell for the sixth month in a row to a near two-year low in October, a gloomy sign for the struggling European economy.

Currency snapshot at 0630 AEDT on Tuesday

One Australian dollar buys:

* 88.04 US cents, from 88.16 cents on Monday

* 94.84 Japanese yen, from 95.14 yen

* 69.28 euro cents, from 69.40 euro cents

(*Closes taken at 1700 AEDT previous local session)

Source: IRESS

Originally published as Australian dollar lower after weak German data