Australia’s economy notices a business confidence slump in April after the recent prompt support from the Reserve Bank of Australia, which added to signs that Australia’s outlook still unclear on long-term. Meanwhile, National Australian Bank released its business confidence index reading which fell in April to -2 down from a previous reading of 2. National Australian Bank released its business conditions index reading concerning the month of April, where the reading slightly inclined to -6 from a previous reading of -7. Moreover, the Reserve Bank of Australia (RBA) and his board members decided last week to lower the nation’s official interest rate by 25 basis points to 2.75% during April’s board meeting as manufacturing hurts by high currency. Furthermore, this reduction in interest rate considered the sixth reduction, where RBA sees that current reduction will spur the nation’s economy amid the recent instable global economic performance. RBA is seeking to revive growth in Australia after the recent slowed performance in manufacturing and mining sector and spur the three-year high unemployment, where RBA is expected to provide further support through easing. AUD/USD fell to 0.9979, AUD/JPY fell 0.14% to 101.7 while EUR/AUD rose 0.24% to 1.2995. AUD/NZD fell 0.14% to 1.2040.
