Aussie Looks Past Drop In Business Confidence, Eyes Bernanke & G20
THE TAKEAWAY: Survey shows drop in Australian business confidence > Market look towards Bernanke and G20 > AUD/USD Flat
The Australian Dollar remained relatively flat against the US Dollar as Australian business confidence declined in the second quarter. The NAB index printed -1 from last quarter’s 2 and could be a sign for deteriorating sentiment. Data released from China showed continued increases in June property prices, which could be a reflection of sustained economic activity. That may boost the demand outlook for Australian exporters. Investors likely looked past the data considering its limited expectations on RBA policy after minutes from June's meeting showed reluctance for issuing another rate cut in August.
Looking ahead, investors are likely to be focused on a second day of Congressional testimony from Federal Reserve Chairman Bernanke and a G20 Summit due to begin in Moscow.
AUD/USD (5-Minute Chart)
Source: FXCM Marketscope
Jimmy Yang, DailyFX Research Team
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.