The report showing weakened business confidence in Australia triggered a short-lived decrease in AUD/USD. The Aussie depreciated against the Greenback by 0.12% to be seen trading near the 0.8000 level and then retreated to the 0.8013 mark.
The NAB monthly survey revealed that Australian business confidence deteriorated unexpectedly to show the weakest reading of 2017, indicating the biggest concerns surrounding government policy, consumer demand as well as both wages and energy cost pressures. Moreover, the report showed most industries performed well, while retail sectors conditions continued to languish in negative territory. This trend is set to be watched closely to determine further growth trends.
