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NAB Business Confidence at the highest level since September 2013

Tuesday, Jul 14 2015
Australian firms appear to have shrugged off risks in the global economy as the business environment continued to improve into June. While there were some unexpected variations across industries, business confidence lifted again from +8 to +10 index points in the month – the highest level since September 2013. Confidence is now positive in all industries except mining, which is currently zero. 
 
Business conditions improved even more, lifting 5 points to +11 index points in June –the highest level since last October. Improvements in both confidence and conditions over recent months are starting to suggest a more convincing turnaround in the non-mining sectors is underway. Nevertheless, a number of hurdles remain. 
 
The more sluggish rise of the employment component is a concern, but the other components (trading and profits) have been strong for a number of months. Conditions still vary greatly across industries as theservice sectors continue to outperform. The ‘bellwether’ wholesale industry eased a little and remains at weak levels. Nevertheless, it is encouraging to see leading indicators improve, including forward orders and capacity utilisation. 
 
After the data Aussie added few points and is currently being traded few points above 0.7420 level. Pair is likely to find support around 0.7380 area and resistance above 0.7470 level. Later today, in the US session, Retail Sales figures are scheduled for a release.
More in this category: « Sterling higher ahead of tomorrow's CPI figures UK CPI unchanged, PPI continues to fall »

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