AUD/USD: NAB Business Confidence

In a wake of the report showing strong improvement in Australian business confidence, the AUD/USD exchange rate jumped initially. Just after the release, the Aussie appreciated against the US Dollar by 0.06% to be seen trading higher than 0.7925 mark on Tuesday morning. The National Bank of Australia revealed in its July's survey that business conditions rose to the pre-GFC highs, supported by enhancing global environment, while business confidence reached the highest level in nine years. Moreover, strong employment conditions hearten optimism about the outlook of the Australian job market. However, data emphasised resumed divergence between the consumer and business sectors, as retail conditions were sluggish last month.