On Tuesday, from Australia, NAB Business Confidence data was released. Despite solid business conditions and anticipated support from the RBA rate cut in May, business confidence appears to have weakened in the month, pushing the index further below average levels. The confidence index eased 2 points to +3 index points in May, which is its lowest level since August 2015. Uncertainty over the upcoming election may have contributed to the fall, but a non-uniform result across industries suggests other factors are at play. Nevertheless, it is encouraging that confidence has remained above zero continuously since mid-2003.
Thursday's session was marked by Autralian job data. Australia’s unemployment rate remained unchanged last month, official data showed on Thursday. In a report, Australian Bureau of Statistics said that Australian unemployment rate remained unchanged at a seasonally adjusted 5.7%, from 5.7% in the preceding month. Analysts had expected Australian unemployment rate to remain unchanged at 5.7% last month. Australian employment change rose more-than-expected last month, official data showed on Thursday. In a report, Australian Bureau of Statistics said that Australian employment change rose to a seasonally adjusted 17.9K, from 10.8K in the preceding month. Analysts had expected Australian employment change to rise 15.0K last month.
This week markets will be looking at:
Monetary Policy Meeting Minutes (Tuesday 3:30)
HPI (Tuesday 3:30)
