Aussie drops after weak NAB polls
On Tuesday, the Australian dollar sagged during Asia trade after downbeat business surveys from National Australia Bank as well as consumer and producer prices data from China, suggesting mild pressure on prices although unlikely enough to spur any monetary policy action.
The currency pair AUD/USD was worth 0.7639, demonstrating a 0.16% tumble, while USD/JPY traded at 102.51, rising 0.06%.
In Australia, NAB business confidence was at plus-4 for July, compared to a previous outcome of plus-6, along with the NAB business poll that reached plus-8, versus a previous reading of plus-12.
China posted CPI for July with a 0.2% revenue in July, a faster tempo than the 0.1% revenue observed month-on-month as well as an annual level of 1.7%, just a bit below a 1.8% pace observed year-on-year. Meanwhile, PPI figures from China disclosed a dip of 1.7%, less than the drop of 2.0% year-on-year expected. The data came after weaker than expected imports the previous month in China posted on Monday and hit sentiment on demand prospects.