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Aussie dollar will have a watching brief on NAB Business Confidence and ANZ job ads due at 11.30am.
00:00, 07 October 2013
The post election jump in confidence indexes has been a recent strong point for the Australian economy. While it's probably too soon for improved confidence to flow strongly through to increased business activity and conditions, markets will be looking for confidence levels to remain relatively high, hoping last month was not just a flash in the pan. Last month's read of +6 in the NAB Business Confidence Index was the highest since 2011. Job ads are a leading index of employment and jobs growth. The number of ads has dropped in each of the last 6 months. Jobs growth is key for RBA policy on interest rates and will be closely watched by currency markets with a good turn around being a likely plus for the Aussie but a disappointing number having potential to send it lower.