The AUD/USD pair is trading upwards on Tuesday; the market is paying no attention to the statistics.
On Tuesday morning, the Australian Dollar is still growing against the USD. The current quote for the instrument is 0.7553.
The May report from the NAB on the Business Confidence published today showed little positive. The indicator decreased up to 7 points after being 10 points in April. The components of the report showed that the business conditions gauge also dropped, up to 12 points after being 14 points in the previous months.
In the comments, the National Australia Bank said that the business conditions gauge has deteriorated recently, but in general it’s still rather attractive. Similar situation can be seen in business confidence component: it is looking less active, but an overall reading is better than the average.
The NAB also pointed at some drawdown in finances in real sector of economy behind the decline in the construction industry, but on a global basis the capacity utilization is pretty high and tends to increase although capital spending are now a bit smaller.
However, this week little attention from investors will be aid to the statistics: there will be another meeting of the USA Fed, which is expected to result in the key interest rate increase. Any comments on the further tightening of monetary policy will put pressure on the USD and support other traded currencies.
RoboForex Analytical Department