Quick preview – Australia – NAB business confidence data due for release today

Here is a brief preview of the NAB business confidence data due from Australia today.

The data is due at 0030GMT.

• National Australia Bank business confidence for October, prior was a drop to 5, from 8 in August
• & business conditions for October, prior was a drop to 1 (from 3) for the worst read in 4 months.

The previous result did not paint a good picture for the Aussie economy. Interestingly, on the morning of the release (prior to it) the NAB published a report saying the AUD was to fall to 85 cents. This seemed to pre-empt the poorer survey results, and has subsequently proven a good call from NAB on the currency.

Bloomberg and Reuters do not have survey ‘expected’ results for this measure.