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Economic Statistics: Aussie Business Sentiment survey guarded

Posted by Akhilesh Ganti on Apr 17, 2013 10:00:00 PM

The NAB business survey rose to a reading of +2 which was higher than the -5 in the last survey. Business conditions improved slightly in the March quarter resulting in short and long-term expectations rising as well but they were still well below average levels. The survey implies that either the spate of interest rate reductions need more time to have the desired effect or more stimulus in the form of additional rate cuts may be needed to stimulate consumer demand. In a reaction to this, the market is pricing in a 40% chance that the RBA will ease further at their next meeting. AUD/USD, which had fallen to a 1-month low yesterday, has not reacted much to this data as it trades around 1.0290.

{chart:Bloomberg}(click to enlarge)

Australia NAB 1Q13


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