Forex Market Commentary
The Aussie fell on Tuesday, currently at 0.6928(-43 pips) against the greenback. Aussie came down as the NAB business confidence data came in at 2, previously at 7. The figure released yesterday was below its long-run average of 6, with wholesale and transport & utilities showing the weakest levels of confidence. However, business conditions strengthened (up 2 points to 3), due to a lift in employment (up 3 points to 5) and sales (up 3 points to 6), while profitability was unchanged (at -2). For today, the Westpac Consumer Confidence Index for July is set to be released at 10:30 AEST, previously at 100.7. Aussie traders will also be looking out for the Chinese Inflation rate for June, which is set to be released at 11:30 AEST, previously at 2.7%.