From the National Australia Bank we get their quarterly Business Confidence survey result today
It'll include business conditions and capital expenditure plans for the next 12 months
We do get a monthly business conditions and confidence report from the NAB (link to the latest). The quarterly survey, though, has a larger sample size and asks more detailed questions.
For the 'headline', prior was +4 in the previous quarter
But ... it's the capex and hiring intentions behind this headline that will garner most of the attention.
Says NAB:
We will be paying particular attention to the capex expectations, and what this may mean for a prospective recovery in non-mining investment - which remains the missing piece in the RBA's transition story to non-mining led growth
Recall the ABS Q2Capex survey was still pointing to very subdued non-mining investment intentions in the year ahead
The NAB Quarterly Survey measure of capex expectations for the 12-monthsahead has a fairly close relationship with actual investment and is currently pointing to an increase of around 5% in annual terms - suggestive of a timid recovery in non-mining investment (Chart 2)
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There are a few moving parts in this release today ...
Given the prevalence of stops under 0.7200 and 0.7190 a disappointment should see AUD/USD marked lower. Unless the stops are hit before release time (0030GMT) of course. Note, though there are still bids around 0.7200 providing support there. A good result on the survey today should be supportive for the AUD/
