National Australia Bank business survey
Business confidence +5, up for a third straight month
prior +2
Business conditions +9, highest level since March 2024, a very sharp rebound, helped by rising sales and profitability
prior 0 long average is around +6sales to +15 (up 10 points from May)profitability to +4 (up 9 points)employment +3 (up 2)manufacturing and retail had large falls an May but saw the biggest gains in this June survey
NAB:
“While we wouldn’t overplay monthly moves, the uptick in
trend conditions is welcome given the softening trend through
early 2025″”An improvement in confidence is also welcome, given the
raft of negative headlines globally over recent months”
AUD not a lot changed:
Still to come:
The Reserve Bank of Australia is widely expected to cut its cash rate by 25bp topday:
Reuters poll: 31 of 37 economists expect cut to RBA cash rate by 25bp
Its not a unanimous expectation:
Reserve Bank of Australia expected to cut its cash rate on Tuesday – why they might not
FWIW I’m expecting the 25bp rate cut.
The Statement is due at 2.30pm Sydney time:
0430 GMT/0030 US Eastern time
This article was written by Eamonn Sheridan at www.forexlive.com.