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NAB Business Confidence unchanged in February

Tuesday, Mar 08 2016
The NAB Monthly Business Survey recorded a rebound in business conditions during February, suggesting the non-mining recovery has not wavered. Business conditions hit a level that is well above the long-run average, following big improvements in the major mining states of Western Australia and Queensland, as well as more moderate increases in NSW and South Australia. Business confidence did not appear to reap the benefits of higher conditions, but has remained encouragingly resilient in light of global volatility and concerns over emerging markets. 
Business confidence has been relatively steady in recent months, with resilient domestic factors helping to offset concerns on the global stage. Business confidence remained at +3 index points in February, and while this is slightly below average, positive business conditions are encouraging in the current environment. Mr Oster says that, “with global market volatilities starting to abate as well, positive confidence levels suggest the risk of contagion from financial markets has probably fallen compared to recent months”.
 
Aussie is currently being traded around 0.7430 area. Pair is likely to find support around 0.7350 handle and resistance above 0.7480 level. There will be no major data releases in the rest of the session.
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