Tuesday, November 12, 2013

AUD: NAB Business Survey shows mixed signals

The NAB Business Survey came out a few hours ago. The news is mixed. The main change is a fall in business confidence, from 12 in September to 5 in October. This is still a positive number, so businesses are still optimistic, but perhaps the post-election euphoria has died. Business conditions remain mostly unchanged, although still negative. However, all numbers are an improvement / unchanged from August.

Effect on the AUD: given the mixed signals in the survey, I don't expect any major movement on the AUD. The AUDJPY fell 20 pips on the news release, but quickly recovered in less than an hour, suggesting institutional buyers moving in on the dip, a bullish sign.

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