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US Business Optimism Index Falls Below Expectations
Developing
In Short: The NFIB Business Optimism Index dropped to 98.7 in August, below the expected 99.3.
The NFIB Business Optimism Index registered at 98.7 in August, falling short of the expected 99.3. This decline adds to concerns about the health of the US business sector. Meanwhile, the US Dollar Index (DXY) has resumed its decline, testing multi-day troughs below the 99.00 level amid a marked downward trend.
Against this backdrop, the AUD/USD consolidates just below its highest level since mid-May, hovering around 0.7200. The XAU/USD pair also continues to decline, exploring prices below $4,400 during European trading hours. The US Dollar selling remains strong despite hawkish Fed expectations and rising geopolitical tensions.
FXStreet reports that the US Dollar Index's decline is supported by firming expectations for another Reserve Bank of Australia (RBA) rate hike later this month, acting as a tailwind for the Aussie. The EUR/USD has maintained its position in the upper end of its recent range, propped up by fresh selling interest in the US Dollar.
Upcoming economic indicators include the ADP Employment Change Weekly and Consumer Inflation Expectations, followed by the Westpac’s Consumer Confidence index, Private House Approvals, Building Permits, and speeches by the RBA’s Hunter and Hauser.
What's confirmed
What's still developing
- Nothing material beyond the confirmed record.
Sources
- Fxstreetlink