Australia NAB business survey beats estimates for July, Aussie keeps highs

Dhwani Mehta FXStreet

Australia’s July Business Survey released by the National Australia Bank (NAB) report -

Confidence in July at 4 vs. 2 in June and 3 expected.
Conditions in July at 2 vs. 3 in June and 1 expected.
The employment sub-index drops from +5 in June to 0 in July.

NAB Group Chief Economist Alan Oster said: "The decline in business conditions since early 2018 has been broad-based and has continued to track at below-average levels in recent months. This is concerning because while conditions remain positive, it points to a significant loss in momentum in the business sector.”

"The survey points to the need to for further stimulus in the economy. Indeed, we expect a further easing in interest rates from the RBA and think that some greater fiscal support will be needed from the government to kickstart growth," Alan added.

The Aussie remains little changed by the above forecast NAB Australian business survey, with the AUD/USD pair testing daily highs near 0.6765 region.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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