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NAB Business Confidence lower than in December

Tuesday, Feb 10 2015
NAB Business Confidence was at 3 points in January, lower than an already downwardly revised December result, dropping half an index point, as sales "deteriorated considerably, profits eased and employment remained soft" in the month. While the silver lining was that non-mining investment was "still reasonable", other industries' conditions were flat-to-lower in the month, NAB chief economist, Alan Oster, said. 
 
Mr Oster predicted the Reserve Bank, after cutting the official cash rate a month sooner than NAB had expected, would sit on its hands for a few months to see if another cut would be justified. But the group brought forward its previously forecast August rate cut to May, with a 30 per cent chance of a third rate cut in the pipeline.
 
Separate report on House Prices Index, showed 1.9% increase, almost in line with market forecasts. The total value of residential dwellings in Australia was $5,399,951.8m at the end of December quarter 2014, rising $124,445m over the quarter.
 
After the data Aussie added few points, with gains later extended by China's CPI and PPI figures. Pair is likely to find support around 0.7750 and resistance above 0.7880 level. Later today, in the US session, JOLTS Job Openings figures are scheduled for a release.
More in this category: « Sterling slightly lower in a less volatile Monday's session China's PPI fell for the 34th month in a row »

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