Australia NAB Business Survey unexpectedly improves in October, Aussie turns positive
Australia’s October Business Survey released by the National Australia Bank (NAB) showed:
- Confidence in October arrived at 2 vs. 0 expect and 0 seen in September.
- Conditions in October stood at 3 vs. 2 expected and 2 in September.
- The employment sub-index steadied at 4 in October.
NAB Group Chief Economist Alan Oster said: " This month's survey results continue to point to only modest outcomes in the business sector, though forward-looking indicators have improved slightly and may be pointing to a stabilization in conditions.”
" Acknowledging that the impact of recent rate cuts will take time to flow through the economy, it appears that the support provided by both fiscal and monetary policy this year has done little to offset the slowdown in the business sector,” Alan added.
The Aussie is back on the bids above 0.6850 on upbeat NAB Australian Business Survey.
About NAB Survey
The National Australia Bank Business Confidence is a survey of the current business condition in Australia. It indicates the performance of the overall Australian economy in a short-term view. A positive economic growth anticipates bullish movements for the AUD, whereas a negative growth is seen as bearish.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
