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NAB Business Confidence rose to +6 in March

Tuesday, Apr 12 2016

The NAB Monthly Business Survey produced a strong result in March. A jump in both business conditions and confidence this month provides more assurance that the Australian economy is weathering the global challenges well, and is successfully transitioning through the end of the mining boom. Business conditions lifted to their equal highest level since 2008, while improvements are becoming more broad-based across the economy as the recovery gains traction.

“The lift in business conditions to these levels not only suggests that Australia is withstanding the uncertainty offshore, but that the recovery in the non-mining sectors of the economy have in fact stepped up a gear this month” said Mr Alan Oster, NAB Chief Economist. The better business environment (and some soothing of financial market concerns) has helped to lift business confidence as well. The business confidence index increased 3 points in March (to +6), which is consistent with the long-run average, and an encouraging result given the overall global context.

 

Aussie is currently being traded around 0.7630 area. Pair is likely to find support around 0.7550 handle and resistance above 0.7680 level. There will be no major data releases later today.

Last modified on Tuesday, 12 April 2016
More in this category: « Aussie broke above 0.76 handle at the beginning of the week German WPI up by 0.3% »

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