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NAB Quaterly Business Confidence improved in the June quarter

Thursday, Jul 21 2016
Business conditions improved a little further in the June quarter, rising 1 point to +11 index points, which is well above the long-run average – largely supported by very high trading conditions and profits. According to NAB Group Chief Economist Alan Oster, “firms were still reporting business conditions consistent with an ongoing recovery in the non-mining sector”. “There was a slight moderation in business confidence, but given the build-up of economic and political uncertainties since the start of the year, this is still a good result”, said Mr Oster. “Additionally, the Monthly NAB Business Survey actually suggested business confidence lifted towards the end of the quarter.”
While these outcomes do not differ hugely from the monthly Survey, new information in this survey relates to how firms perceive the outlook facing their business and the economy. According to Mr Oster, “firms are still quite upbeat about the outlook, albeit not as much as they were last quarter. Firms’ expectations for business conditions in 3 and 12 months’ time were pared back a little, but are still quite positive. Optimism about the outlook should bode well for the labour market and business investment going forward.”
 
Aussie is currently being traded few points below 0.75 level. Pair is likely to find support around 0.7450 handle and resistance above 0.7550 level.
More in this category: « UK Unemployment Rate fell to 4.9% UK Retail Sales down by 0.9% »

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