Also:
- National Australia Bank business conditions for February: 0 (prior was 5, revised from 4)
I don’t know why this post didn’t go out automatically on twitter … manually tweeted it now ….
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- Poor result for the ‘business conditions’.
- Also, employment sub index down -6 showing a weak labour market… down 6 points to minus 6 – giving up almost the entire post-election boost
- Forward orders fell to 1 from 6 points
AUD/USD immediately lower on the figures after a pre-release run a little higher. Still buyers ahead of 00/10 (orderboard here)
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NAB chief economist Alan Oster says:
- “It’s certainly not a disaster, with confidence just below what is normal”
- the deterioration in business conditions was a sign Australia’s economy is being largely sustained by exports alone.
- “Domestic demand is pretty flat, certainly sub-trend”
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