The Australian dollar is flat after it got a boost from some very strong consumer confidence figures.

At 12pm (AEDT) on Wednesday, the currency was trading at US70.51c, a touch down from US70.52c on Tuesday.

The Westpac/Melbourne Institute index shows consumer sentiment rose by 3.9 per cent in November to 101.7 points, lifting above 100 points and indicating there are now more optimists about the economy than pessimists.

The Australian dollar was trading at its intraday low of US70.32c before the data was released but then jumped to a high of US70.58c soon after midday (AEDT).

Source : Market Spectator