AUD: NAB Business Survey point to a very favourable business environment – NAB

By FXStreet Research Team at NAB, notes that the NAB Business Survey continues to point to a very favourable business environment for Australian firms, despite giving up some of the strong gains witnessed in last month’s survey.

Key Quotes

“Business conditions eased back to +9 points in April, but this was still an above-average result that is consistent with an ongoing recovery in the non-mining economy. Service industries have persistently been the best performers, although other sectors including manufacturing and transport are looking relatively upbeat – as the benefits of lower oil prices and earlier AUD depreciation continue to flow through.

Business confidence was somewhat resilient to the fall in conditions, but ebbed lower in the month to be back to slightly below the series average.

Looking through the month-to-month volatility in the Survey, these results confirm a continuation of the favourable business environment that has helped to underpin the non-mining recovery.

We continue to look for signs that the recovery is broadening, and while evidence of that was a little less compelling this month, solid results for manufacturing and transport – as well as a bounce-back in retail – are encouraging. Low interest rates and a more competitive currency (even given its …read more

Source:: FX Street