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Australia’s August Business Survey released by the National Australia Bank (NAB) report –

  • Confidence in August at 1 vs. 4 in July.
  • Conditions in August at 1 vs. 2 in July.                  
  • The employment sub-index rose from 0 in July to 2 in August.

NAB Group Chief Economist Alan Oster said: ” “Business confidence and our other forward-looking indicators suggest there is unlikely to be an imminent turnaround in business conditions.”

“While conditions are still positive, they have now been below average for some time and point to a significant loss of momentum in private demand,” Alan added.

The Aussie corrects further from six-week tops on weak NAB Australian Business Survey, with the  AUD/USD  pair testing daily low near 0.6850 region.