Australia business confidence data due today - preview
The National Australia Bank monthly Business Survey is at 0130GMT
From the eco data due post:
- Business conditions for August, prior 15 (highest since 2008)
- Business confidence for August, prior 12 (Confidence moved to its highest since pre-GFC)
This survey has shown strong confidence/conditions for business, in contrast to weaker confidence from consumers.
For today, here are some thoughts (brief ones) from banks:
- Conditions elevated (overdone?), construction upswing
(I said they were brief, right?)
- Business conditions in July sat at the highest level since the GFC, and we expect this strength to have persisted through August. Other business surveys suggest that the manufacturing sector remains in rude health, despite the appreciation of the AUD. Solid data flow in recent weeks, including rising business investment plans, are also likely to be reflected in business confidence remaining around elevated levels.
- Buoyant confidence and conditions year to date have already boosted full-time employment and businesses significantly upgraded non-mining investment plans over the coming year.
Despite a lot of doom and gloom around the Australian economy this survey has been strong. Some stabilisation is expected going forward and today's survey result will be a helpful guide. The data is not generally a big immediate impactor on the currency.