The AUD/USD currency pair rose just 6 base points or 0.08% to 0.7857, following the NAB business confidence figures.
The National Australia Bank report showed that the index of business confidence jumped to the nine-month high of 12 points in January. Meanwhile, an increase in business conditions index confirmed that business was booming in Australia in the beginning of the year, reflecting the enhanced global economic background. Moreover, the survey suggested that the country’s economy is set to reveal stronger expansion pace in the coming quarters amid strong labour market. Therefore, the RBA is expected to raise interest rates in the first half of 2018, if pay growth strengthens and unemployment decreases further.
