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NAB Business Confidence recovered in September

Tuesday, Oct 13 2015
Business confidence recovered in September from its worst reading in two years, according to the latest National Australia Bank survey, as industry captains welcomed Malcolm Turnbull's replacement of Tony Abbott as prime minister and global market upheaval subsided. NAB said on Tuesday that its main business confidence index jumped from 1 point in August - its lowest level since mid-2013 - to 5 points in September. 
 
However, the confidence index remains below its mid-year peak, and was not broad-based across all industries. Sentiment in mining, construction and finance fell, the last two perhaps because of perceptions that the residential housing boom is faltering. 
 
"Business confidence recorded a partial recovery in September, increasing to 5 index points from 1," NAB economists, led by Alan Oster, wrote. "It is not clear to what extent this reflects the change in leadership of the Liberal Party, as solid business conditions and some dissipation of financial market jitters may have also contributed to the result," they said.
 
Despite the figures, Aussie fell over the night and is currently being traded around 0.7310 level. Pair is likely to find support at 0.7270 area and resistance above 0.7380 level. There will be no major data releases in the rest of the session.
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