NAB Business Confidence jumped in June to +6 index points

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Tuesday, Jul 12 2016

This month’s NAB Business Survey was undertaken right amidst the heightened uncertainty around the Brexit referendum, and ahead of the Australian Federal election. Despite the disruptive nature of these events (evident in the financial market volatility following the Brexit vote), it was encouraging to see that business confidence continued to see support from consistently above average conditions in non-mining sectors. In fact, business confidence jumped in June to +6 index points, which is consistent with long-run confidence levels.

While there is potential for the unsettled post-election political environment to have an impact on confidence, this month’s outcome suggests that firms remain more focused on economic conditions. In that respect, it was reassuring to also see an improvement in some of the leading indicators, including forward orders and capex – although capacity utilisation did ease back a little.

Aussie is currently being traded few points above 0.7570 level. Pair is likely to find support around 0.75 handle and resistance above 0.76 level.

More in this category: « Euro area at a critical juncture German CPI rose by 0.1% »

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