Australian confidence jumps
The National Bank of Australia business confidence survey has shown business confidence in the Australian economy has leapt to a six-year high. An index of business sentiment rose to 18, gaining 8 points and reaching its highest level since October 2003 due to the view that Australian recovery from the global recession is on track. The results have also triggered speculation that Reserve Bank governor Glenn Stevens will raise interest rates as early as November.
Australian interest rates are currently sitting at a 49-year low of 3%. However strong demand for Australian exports and sustained economic growth has led to speculation that rates will rise sooner than expected. The National Bank has also revised growth forecasts upwards to 0.6% in 2009 and 2.1% in 2010. Retail sales also rose in August while a survey of business conditions rose one point to 4.
Foreign exchange rates for the Australian dollar are currently trading at USD0.8637 and GBP0.5214.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.