On Tuesday, the AUD/USD pair is moving down again, and the weak Australian statistics help "bears" to sell. After a slight pause and stabilization, the Australian dollar went down. Today, it has a good reason for that: The statistics for Australia were weak and unimpressive.
According to published data, the index of business confidence from NAB for July fell to 4 points from the previous value of 10 points. In turn, the index of business conditions almost halved in the last month to 6 points from 11 points. Components of the report are not very positive.
Thus, it is clear that mining and utilities sector have sunk, together with the construction segment. At the same time, however, NAB has cut its calculations concerning the employment sector, but the final conclusion was rather bleak. The regulator expects the growth of unemployment and does not preclude reaching the rate of 6.25% for the labour market.
With such data, it is possible to assume that within three to six months the RBA will be able to go for a new round of easing monetary policy. What reason is there not to further sell the Aussie?
RoboForex Analytical Department