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Australia: Business confidence/conditions surprise to the upside

FXStreet (Bali) - Both Australian business confidence and conditions improved significantly in July, posting readings of 11 and 8 respectively, against 8 and 2 in June.

Alan Oster, Chief Economist at NAN, notes: "Business confidence again surprised on the upside, supported by better business conditions (largely reflecting sales and profits) and a surge in retailer confidence. Firms still unfazed about the Budget (for now). Conditions jumped to a four year high, but major improvements were narrowly based – with construction a standout."

"Employment improved modestly, but remains subdued. Stronger sales saw higher utilisation rates and positive capex. Forward orders suggest the better start to Q3 may continue. NAB forecasts softer in 2014/15, stronger on 2015/16. Unemployment rate on slightly higher track. Rates still on hold till late 2015 but risks of a cut rising," Oster adds.

Australia House Price Index (YoY) dipped from previous 10.9% to 10.1% in 2Q

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AUD/USD picking up some ground

AUD/USD is trading at 0.9259, down -0.04% on the day, having posted a daily high at 0.9269 and low at 0.9247.
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