A preview of the NAB Business Survey for July which is likely to have some impact on the AUD today

This is a good what to expect via ANZ (bolding mine):

  • We think Australian business conditions will record a significant decline in July, in line with weakness in other business surveys. The Ai Group Index fell in July to the lowest level in nearly two years.
  • Conditions are likely to still sit at elevated levels, so a month of weakness would not be cause for alarm. But we will be watching this closely, given that the strength in conditions has been a good indicator of labour market outcomes. An ongoing decline in conditions would pose some downside risk to our view of further solid employment outcomes.