Australian business confidence for Q4 at 2½ year high

FXStreet (Bali) - Business confidence for Q4 2013 in Australia came surprisingly high at +8 vs an upward revision of +5 in the prior quarter. The data represents a 2½ year high.

According to Alan Oster, Chief Economist at NAB: "Conditions are now starting to catch up with confidence, but remain soft, still below trend. Forward indicators remain soft, including forward orders, keeping labour demand weak."

"The survey measures of price pressures remain muted. Special question on the impact of currency now showing increased pressures on transport but less on wholesale", Oster added.