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The AUD / USD pair is mixed, but given the poor quality of housing data, the market would expect a floor of 0.7022 / October 15 and a 50% retracement before 0.6950 vs. , 8%.
Mortgages fell 6.1% vs. -2% expected – a big failure and before -0.9%
The NAB survey, which has been closely followed by the markets today, has, however, given some comfort following the recent confirmation by the RBA that rates are not about to be raised anytime soon. In the previous report, economic conditions had fallen sharply, from +10 to +2, below long-term averages. However, according to current data, the prognosis of the Australian at this critical time in the US and Australian economies is more positive – (Note, the index of economic conditions and confidence was very strong in 2017 but has second half of 2018).
- Commercial terms 7 vs prior 3, revised 2
- Business confidence 4 vs before 3
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