From Australia, yesterday, Quarterly NAB Business Confidence figures were released. Prior to the recent market retreat, however, business confidence actually recorded a rebound, lifting 3 points to +4 index points. This in large part is a reflection of business conditions (how firms feel about their own business), which also held up at elevated levels (+9 index points) despite easing back slightly in the quarter. According to Mr Oster, “the real insight from this survey is seeing how firms are feeling about the outlook for their business and the economy. It certainly seems like they are remaining quite upbeat about the outlook, which suggests good things for the labour market and future investment.”
In the US session
Unemployment Claims figures were released.In the week ending January 30, the advance figure for
seasonally adjusted initial claims was 285,000, an increase of 8,000 from the previous week's revised level. The previous week's level was revised down by 1,000 from 278,000 to 277,000. The 4-week moving average was 284,750, an increase of 2,000 from the previous week's revised average. The previous week's average was revised down by 250 from 283,000 to 282,750.
From Australia, tomorrow, Retail Sales data as well as RBA Monetary Plicy Statement will be published. Retail Sales are forecasted to rise by 0.5%. In the US session Trade Balance and NFP figures are scheduled for a release. Trade Balance deficit is expected to increase to $42.9 billion, while analysts predict increase by 189,00 in employment, with unemployment rate remaining unchanged at 5.0%.
Figures to watch:
Retail Sales (Friday 1:30)
RBA Monetary Policy Statement (Friday 1:30)
Non-Farm Employment Change/Unemployment Rate (Friday 14:30)
Trade Balance (Friday 14:30)
