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NAB Business Confidence edged higher

Tuesday, Dec 08 2015
The NAB Business Survey is showing encouraging resilience in the nonmining sector recovery, as business conditions hold-up at well above average levels. Business confidence recouped some of last months decline, but remains somewhat subdued in light of the persistent strength in business conditions. The confidence index rose to +5 index points, which is still marginally below the long run average.
 
Given improved prospects for the domestic economy (outside of mining), relatively subdued confidence is most likely a reflection of the uncertain global economic environment. The improvement was reasonably broad based, with no industry groups reporting a deterioration in the month (although mining remains negative). 
 
Despite a number of downside risks (mostly stemming from offshore), should non-mining sectors maintain their current momentum, our view is that further RBA cuts are unlikely. Monetary policy is expected to remain on hold for an extended period.
 
Aussie is currently being traded around 0.7240 area. Pair is likely to find support around 0.72 handle and resistance above 0.7280 level. There will be no major data releases in the rest of the session.
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