Earlier in the Day:

It was another relatively busy start to the day on the economic calendar this morning. The Aussie Dollar was in action this morning, with trade data from China also in focus.

For the Aussie Dollar

In June, the NAB Business Confidence Index fell by 9 points to +11 points. Economists had forecast a more modest decline to 19. The index had fallen by 3 points to +20 index points in May.

NAB Business Confidence: According to the June Survey,

  • Rising new COVID-19 cases in NSW and subsequent lockdowns in NSW and other states weighed on business sentiment.

  • Business conditions also took a hit, falling from +36 to +24 in June.

Looking at the sub-components:

  • The profitability sub-index fell from +39 to +25, with the employment sub-index falling from +25 to +17.

  • Exports also declined, falling from +1 to -1 in June.

The Aussie Dollar moved from $0.74858 to $0.74885 upon release of the figures, which preceded trade data from China. At…

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