NAB Business Confidence rose to 6 points in July

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Tuesday, Aug 09 2016

From Australia, this morning, NAB Business Confidence figures were released. The NAB Business Survey for the month of July provided a relatively consistent message on the health of the Australian economy, notes the Economics Team at NAB. Business confidence came at 4 in July vs 6 in June, while business conditions saw a decline to 8 in July vs 12 in June. For a while now, the NAB Business Survey has provided a relatively consistent message on the health of the Australian economy.

It continues to show a steady recovery in non-mining activity, with the services sectors clearly leading the way. But while the Survey points to a reasonably upbeat outlook for the near to medium-term, longer term risks are becoming increasingly apparent, particularly going into 2018 as resource exports start to level off and dwelling construction turns negative.

Aussie is currently being traded around 0.7640 level. Pair is likely to find support around 0.76 handle and resistance above 0.7680 area.

More in this category: « China's CPI increased by 1.8% German Trade Balance recorded surplus of 21.7 billion euros »

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