NAB Business Confidence fell to 0 in Q3
The September quarter NAB Business Survey confirms the trend improvement current condition in the non-mining economy, while the outlook is also looking notably better. In contrast, confidence softened considerably, falling to 0, although this is largely a reflection of the timing of the survey – prior to the Liberal Party leadership resolution, and at a time when emerging market concerns were particularly high.
Lower interest rates and AUD depreciation appear to be having the desired effects, although this varies by industry. Interestingly, firms indicate that they are facing some challenges when it comes to currency movements, although this largely reflects negative impacts on the wholesale, retail and transport sectors – industries where firms tend to have a heavy reliance on imports. In contrast, areas such as personal services and mining are reporting a much more positive impact.
Aussie is currently being trade around 0.72 handle. Pair is likely to find support around 0.7160 level and resistance above 0.7280 area. Later today, in the US session, Unemployment Claims figures are scheduled for a release.
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