NAB Business Confidence remains resilient

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Monday, Jan 25 2016

Australia's December business conditions came in at 7 vs 10, while confidence stood at 3 vs 5 , with NAB noting that business confidence remains resilient to financial market turmoil (for now), while business conditions suggest non-mining recovery remains on track. According to NAB Group Chief Economist Alan Oster: “While recent big declines in oil and equity markets highlight potential risks to the global outlook, relatively positive business conditions appear to have, so far, acted to reassure business sentiment”.

Mr Oster noted that we take some comfort from the result, stating that “this outcome suggests there are no real signs (beyond normal monthly volatility) that there is a fundamental weakening in the non-mining recovery”. In saying that, Mr Oster points out that resilience in both business confidence and conditions needs to be maintained over coming months if the non-mining recovery is to remain on track.

Aussie is currently being traded around 0.70 area. Pair is likely to find support around 0.6950 handle and resistance above 0.7050 level. There will be no major data releases in the rest of the session.

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