AUD/USD keeps gains near 0.6760 after Australian NAB data

AUD/USD holds on to marginal gains after NAB's Australian business survey data.
Australian business confidence ticked higher in July. The business conditions index also bettered estimates.

Omkar Godbole FXStreet Contributor

AUD/USD remains mildly bid near 0.6760 after National Bank of Australia (NAB) mixed batch of Australian business surveys.

Australia's business confidence ticked higher to 4 in July, beating the expected rise to 3 from the previous month's reading of 2.

Meanwhile, the business conditions index also came in higher than expected at 2, but remained below June's reading of 3.

An uptick in the business confidence is hardly surprising, given the Reserve Bank of Australia (RBA) cut rates by 25 basis points in June and July.

Moreover, details of the NAB's report reveal that the business sector has lost significant momentum since early 2018 and an improvement in the near term is unlikely, according to forward-looking indicators.

So, the AUD may have a tough time extending the marginal gains seen at press time.

The currency picked up a bid at 0.6746 earlier today after the Reserve Bank of Australia's Assistant Governor (Financial Markets) Christopher Kent said negative rates may not be needed in Australia.

Pivot points

1. R3 0.6835
2. R2 0.6815
3. R1 0.6783
PP 0.6764
1. S1 0.6732
2. S2 0.6712
3. S3 0.668

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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