Forex and Global News l TheLFB News l Apr 13 09 l 22:05 EDT

Australia NAB Business Confidence Actual -13, Previous -22

Release Explanation: This is a survey of the current state of the business sector in Australia. Based on a survey of hundreds of small to large sized companies, the National Australia Bank delivers monthly and more comprehensive quarterly reports from the gathered data. “This comprehensive survey primarily provides insight into the state of the Australian economy and puts forth leading indicators that signal its future direction. The survey's findings, if unexpected, have the power to move markets directly”, Trade Team members said.

Trade Desk Thoughts: The National Australia Bank released the business confidence report this evening. Business confidence in Australia has improved to -13. The sentiment index gained 9 points from last month’s reading of -22. “Pessimists still outnumber optimists and have done for the past 14 releases, but interest rate cuts have the number of optimists rising meaning that consumer spending may benefit”, Trade Team members said.

Forex Technical Reaction: After testing Monday’s highs at the start of the Asian session, the aussie has dropped below the 0.7300 level. However, Asian equity markets are currently mixed and U.S. futures are negative. The pair has lost 50 pips since the start of the new trading day.