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NAB Business Confidence unchanged at +2 points in January.

Tuesday, Feb 09 2016
Financial market volatility has persisted, raising the risk of an adverse impact on Australian business that could threaten the recovery seen in the non-mining economy. However, today’s NAB Monthly Business Survey suggests that business confidence – where the negative effects from financial markets are likely to be felt first – have held up reasonably well in the face of this uncertainty. The confidence index remained unchanged at +2 points in January.
 According to NAB Group Economist Alan Oster, “Given all the volatility in equity and financial markets, this is yet another relatively good result from the Business Survey. It suggests things remain broadly on track for the non-mining economy”.
 
Nevertheless, even though confidence remains positive, the index has eased to levels that are below the long-run average. Mr Oster says that “there are competing factors at play here, with reasonably good domestic fundamentals helping to offset what could potentially be a big drag on confidence from global markets”. Estimates from NAB Economics suggest that under normal conditions, domestic fundamentals would suggest a confidence reading that is around 4-5 points higher than current
 
Aussie is currently being traded around 0.7040 area. Pair is likely to find support around 0.70 handle and resistance above 0.71 level. There will be no major data releases in the rest of the session.
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