25.06.201404:43:02UTC+00Australian dollar drops on US data, Iraq woes

The Australian dollar was pressured despite firm US data and worries over turmoil in Iraq.

On Wednesday, Aussie settled at 93.64 US cents, down from 94.08 cents Tuesday.

Consumer confidence in the US rose for the second straight month in June, to its highest level since January 2008, while new US home sales in May reached their highest rate since the market crashed six years ago.

"With no major local releases this week, the Australian dollar is completely beholden to overseas events, and most significantly to what the US dollar is doing," said Matt Simpson, Senior Markets Analyst at ThinkForex.

Meanwhile, Australian bond futures prices inched higher. The 10-year bond futures contract was at 96.410, to 3.590%, up from 96.350, to 3.650% Tuesday. The three-year bond futures contract was at 97.300, to 2.700%, up from 97.250, to 2.750%. 

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