Australia’s business survey released by National Australia Bank (NAB) report -
- Confidence 7 in May, from 0 in April.
- Conditions 1 in May from 3 in April.
- The employment sub-index recovered from -1 to +2.
Ivan Colhoun, NAB's chief economist, markets, noted: "Today's survey again suggests increased risk that the unemployment rate will not make the further gains the RBA expects and strongly argues the case for further near-term easing in monetary policy”.
"A weak outcome for unemployment would likely cement a July cut," he added, referring to the official jobs report for May which is due on Thursday.
The Aussie remains unfazed by the mixed NAB Australian business survey and keeps the recovery mode intact, with the AUD/USD pair hovering near 0.6965 region.
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