Results from the NAB business survey
Business conditions drops to a still strong 15
- prior 21 (this was the highest ever recorded)
Business confidence 6
- prior 11, revised from 10
That table is a bit of a summary - well down on the previous month but levels still strong.
Commentary via NAB:
- There was a pull-back in business conditions in May after reaching historical highs last month, though they remain at relatively high levels. The strength is generally broad-based across industries although retail continues to lag. Business confidence fell back to average levels but indicators of future activity and employment continue to suggest robust outcomes for the business sector.
AUD/USD is trickling higher, it had fallen with the USD strength earlier (evident in other currencies, not just AUD) and recovering now - along with EUR, NZD and others. the moves are USD based, small though they have been.
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For background: Australian business indicators (May) due today - conditions and confidence - preview
