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Australia’s business confidence rose in June

Australia’s business confidence rose in June

CANBERRA: For the 24 hours to 23:00 GMT, the AUD declined 0% against the USD and closed at 0.7606. LME Copper prices declined 0.5% or $29.0/MT to $5780.0/MT. Aluminium prices declined 0.3% or $6.0/MT to $1914.0/MT. In the Asian session, at GMT0300, the pair is trading at 0.7613, with the AUD trading 0.09% higher against the USD from yesterday’s close, after Australia’s NAB business conditions index advanced to a level of 15.0 in June, notching its highest level in nearly ten years, reflecting growing optimism amongst businesses about the nation’s growth prospects. In the preceding month, the index had recorded a revised reading of 11.0.

Additionally, the nation’s NAB business confidence index edged up to a level of 9.0 in June, compared to a revised reading of 8.0 in the previous month. Meanwhile, the nation’s seasonally adjusted home loan approvals rebounded less-than-expected by 1.0% in May, compared to a fall of 1.9% in the prior month. The pair is expected to find support at 0.7595, and a fall through could take it to the next support level of 0.7577. The pair is expected to find its first resistance at 0.7623, and a rise through could take it to the next resistance level of 0.7633. Moving ahead, investors will focus on Australia’s Westpac consumer confidence index for July, slated to release overnight. The currency pair is trading above its 20 Hr and 50 Hr moving averages.