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Belgian NBB Business Climate decreased to -3.1

Wednesday, Aug 24 2016

The National Bank of Belgium’s business barometer dropped to -3.1 in August, offsetting the improvement of the business climate recorded in the previous two months. The business climate declined in all branches of activity. In the manufacturing industry business pessimism showed in all components, but especially as to the assessment of overall order books. After three consecutive improvements, business climate deteriorated in the business-related services. The recent development of activity was held to be far more negatively and expectations regarding firms’ own activity proved to be less bright as well.

In the building industry the loss of confidence was due to the sharp fall in new orders received and to a far more unfavourable assessment of the overall order books. The further decline of confidence in trade is due mainly to the sharp deterioration in the prospects as to employment. In addition, demand expectations continued to worsen. The smoothed overall synthetic indicator, which reflects the underlying economic trend and which was still affected by the positive results of the previous months, remains positive.

 

Euro is currently being traded around 1.1280 level. Pair is likely to find support around 1.1250 handle and resistance above 1.1330 area.

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