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 Desk Thoughts: The National Australia Bank released the business confidence report this evening. Business confidence in Australia has fallen to -22. This level was last seen in June of 1992 as this level follows the worst reading in the surveys 20 year history. The National Australia Bank is expecting the Reserve Bank to cut the interest rate to 2.00 percent by the end of 2009 in order to boost confidence in the business sector.
Forex Technical Reaction: The Australian dollar has strengthened significantly since the new trading day began with the pair finding support in the .6300 area. Currently the pair is testing the neutral pivot point as resistance.