Global growth forecasts unchanged. A few signs that activity is picking up in some advanced economies but India and Brazil still soft and growing concerns over pace of Chinese growth. Markets focussed on central bank policy driving greater volatility in equities and currencies. Australian economy softer again in June. NAB activity forecasts unchanged but AUD now expected to be lower and next rate cut now moved forward to August (with emerging risk of one more). Labour market to deteriorate throughout remainder of 2013.
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NAB