• Business confidence in at +12 from +4 prior
  • Business conditions in at -4 from -7 prior
  • From the NAB:
    • Confidence surges to its highest level in 3½ years.
    • Business conditions, however, still subdued – with employment poor.
    • Signs of better conditions in finance/ business/ property and construction.
    • Forward indicators – including orders, stocks and capacity utilisation – point to future improvement.
    • But wholesale leading indicator less certain.
    • Firms manage to increase prices modestly but margins still under pressure.
    • Forecasts unchanged except cash rate cut delayed to February.






    AUD/USD is up on the release, but has run into sellers ahead of 0.9450 again.
    Note from the summary points that NAB have an expectation for a further RBA cash rate cut in February of 2014.
    OIS data puts the probability of a 25bp rate cut in November at 19%
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