NAB Business Confidence up to 4 in Q2

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Thursday, Jul 23 2015

Morning part of yesterday's session brought quarterly NAB Business Confidence figures. Business confidence for Q2 was 4 up from prior 0, while business conditions for Q2 increased to 4 from 3 in Q1. Apart from mining, all sectors turned positive. Commenting NAB chief economist Alan Oster said that Australia continues to face a 'patchwork' economy, but that Q2 survey finally gave some indication that positive momentum is broadening across sectors.

Commodity prices are still putting Aussie under pressure. During the early hours of the Asian trading session on Thursday, Gold is trading in a narrow range just below $1100 around $1095 after recently dropping to a new multi-year low near $1070.

Data did not have any major impact on Aussie which is currently being traded around 0.7370 level. Pair is likely to find support around 0.7320 level and resistance above 0.7440 area. Later today, in the US session, Unemployment Claims figures are scheduled for a release.

More in this category: « Greece passed second bundle of reform laws UK Retail Sales surprisingly fell in June »

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