Australia NAB Business Confidence

Actual -9, Previous -9

Release Explanation: This is a survey of the current state of the business sector in Australia. Based on a survey of hundreds of small to large sized companies, the National Australia Bank delivers monthly and more comprehensive quarterly reports from the gathered data. This comprehensive survey primarily provides insight into the state of the Australian economy and puts forth leading indicators that signal its future direction. The survey's findings, if unexpected, have the power to move markets directly.

Trade Desk Thoughts: The National Australia Bank released the business confidence report this evening. The reading was the same as last month, coming in at a -9. This is the lowest level in the past seven years as consumers cut spending amid the highest borrowing costs seen in the past 10 years. Australians are battling higher interest rates and expensive gasoline as the central bank says it sees some room to cut borrowing costs.

Forex Technical Reaction: All the major pairs are seeing dollar strength this evening, with the aussie dropping well below the .8800 level and currently at .8780 which is slightly above support 1 of the daily pivot points

The LFB-Forex.com