We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Bullish
Gold
Bearish
Oil - US Crude
Bullish
Bitcoin
Bearish
More View more
Real Time News
  • EUR Markit France Nov Prelim Manufacturing PMI: Actual: 51.6 Forecast: 50.9 Previous: 50.7 Services Actual:52.9 Forecast: 53.0 Previous:52.9 Composite Actual: 52.7 Forecast: 52.8 Previous: 52.6
  • South Africa's Eskom says no loadshedding expected today despite constrained and vulnerable system $ZAR
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.12% 🇬🇧GBP: 0.05% 🇨🇦CAD: 0.03% 🇦🇺AUD: 0.02% 🇯🇵JPY: 0.00% 🇨🇭CHF: -0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/7oyxrz1ST1
  • Heads Up:🇪🇺 EUR Markit/BME Germany Composite PMI (NOV P) due at 08:30 GMT (15min), Actual: N/A Expected: 49.3 Previous: 48.9 https://www.dailyfx.com/economic-calendar#2019-11-22
  • Heads Up:🇪🇺 EUR Markit Germany Services PMI (NOV P) due at 08:30 GMT (15min), Actual: N/A Expected: 52.0 Previous: 51.6 https://www.dailyfx.com/economic-calendar#2019-11-22
  • Heads Up:🇪🇺 EUR Markit/BME Germany Manufacturing PMI (NOV P) due at 08:30 GMT (15min), Actual: N/A Expected: 42.9 Previous: 42.1 https://www.dailyfx.com/economic-calendar#2019-11-22
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: US 500: 0.14% Wall Street: 0.11% Germany 30: -0.01% France 40: -0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/atmX6G9yW2
  • Heads Up:🇪🇺 EUR ECB President Lagarde Speaks in Frankfurt due at 08:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2019-11-22
  • 🇪🇺 EUR German Gross Domestic Product w.d.a. (YoY) (3Q F), Actual: 0.5% Expected: 0.5% Previous: 0.5% https://www.dailyfx.com/economic-calendar#2019-11-22
  • 🇪🇺 EUR German Gross Domestic Product n.s.a. (YoY) (3Q F), Actual: 1,0% Expected: 1.0% Previous: 1.0% https://www.dailyfx.com/economic-calendar#2019-11-22
Australian Dollar Shrugs At NAB Business Confidence Slide

Australian Dollar Shrugs At NAB Business Confidence Slide

2017-06-13 02:43:00
David Cottle, Analyst
Share:

Talking Points

  • The NAB business confidence index slipped in May
  • But given mounting global uncertainties, it might have been more surprising if it hadn’t
  • AUD/USD barely noticed the release, which will have little effect on monetary-policy expectations

Find out what the trading community thinks about all major traded currencies at the DailyFX sentiment page

The Australian Dollar didn’t move far Tuesday despite news of a deterioration in its homeland’s business sentiment.

The May business confidence index from major local lender National Australia Bank (NAB), came in at 7. That was a very sharp fall from April’s 13 level. However, that always looked a little spurious with readings much above 7 quite rare over the past twelve months. The long-run average is 6 after all.

The assessment index of business conditions also eased back, but to a much lesser extent. It came in at 12, just below a downwardly revised 13 for April. All up it’s hardly surprising that uncertainty should have increased in the last month. Swirling international news stories such as the testimony of dismissed Federal Bureau of Investigation Director James Comey in the US, and the narrowing of election polls in the UK which, as it turned out, lead to the lack of any overall majority in the crucial Brexit parliament are not exactly the stuff of commercial confidence.

Still, NAB said that the business sector is in fact quite upbeat with the exception of the retail sector where conditions look much more neutral. AUD/USD investors seemed to agree, with the data having very little effect on the pair.

Australian Dollar Shrugs At NAB Business Confidence Slide

In any event the Reserve Bank of Australia is not expected to alter its current, record-low interest rates for the remainder of this year and, possibly, well into next. The next major economic event for the Australian Dollar will probably be Thursday’s official labor-market statistics which will be covered live via a DailyFX webinar.

--- Written by David Cottle, DailyFX Research

Contact and follow David on Twitter: @DavidCottleFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.