The Australian dollar gained today as the Australian business confidence improved last month, albeit not much. The currency was also supported by hopes for strong employment growth.
The Business Confidence Index of National Australia Bank rose from 7 in May to 8 in June. NAB said:
Business confidence showing no ill effects from the governmentâs âtough budgetâ, rather improving in line with better business conditions (reflecting sales and profits) â albeit conditions remain sub trend.
Australian employment data for June will be released on July 10, and analysts predict that it will show an increase by 12,300, which would be a far better reading that the May drop by 4,800.
AUD/USD rose from 0.9372 to 0.9405, and AUD/JPY ticked up from 95.46 to 95.58 as of 13:27 GMT today.
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