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NAB Business Confidence fell to 5

Monday, May 02 2016
This month’s NAB Monthly Business Survey saw both business conditions and confidence retrace some of the strong gains witnessed last month, but overall outcomes continue to point to a business environment that is highly favourable to Australian firms. This is helping the Australian economy withstand global uncertainties and the transition through the end of the mining boom. There are also tentative signs that the non-mining recovery is becoming more broad-based, although it is too early to determine whether this recent trends will persist.
“Even though business conditions eased this month, they have remained well above average levels for the past year”, said Alan Oster, Chief Economist. According to Mr Oster, “with consistently good results like these from our survey it is difficult not to have a degree of confidence in the near-term outlook”. Business confidence was somewhat resilient to the fall in conditions, but ebbed lower in the month. The confidence index eased 1 point to +5 index points in April, but this was marginally below the long-run average for the series. According to Mr Oster, “confidence remains crucial to the outlook, but this was still a reasonable outcome given the added uncertainties around the global economy and the upcoming Federal Budget and election”.
 
Aussie is currently being traded around 0.7610 area. Pair is likely to find support around 0.7580 handle and resistance above 0.7660 level. Later today, in the US session, ISM Manufacturing PMI figures will be published.
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