Australia NAB Business Conditions Weaken In April

[Sergey Golubev]

Australia NAB Business Conditions Weaken In April

Australia's business conditions weakened in April but confidence bounced back from March, survey results from National Australia Bank showed Tuesday.

The business conditions index fell to -34 in April from -22 in March. Overall conditions were deeply negative in all industries outside of mining.

The fall in conditions was driven by all three components of the index namely trading conditions, profitability and the employment index.

The employment conditions indicator decreased 15 points to -35. "Overall the survey suggests that the unemployment rate will rise substantially in April," Alan Oster, NAB Chief Economist, said.

However, the business confidence rose to -46 in April from -65 a month ago. However, it was twice as weak as the trough in the 1990s recession.

"We see a recovery in growth late this year, but even though it could be a solid bounce the level of output is not expected to be recovered to pre-COVID levels until early 2022," Oster added.

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Chart was made on MT5 with Brainwashing system/AscTrend system (MT5) from this thread (free to download) together with following indicators:

• MaksiGen_Range_Move MTF - indicator for MetaTrader 5 
• Ichimoku Cloud - indicator for MetaTrader 5
• Price prediction by Nearest Neighbor found by a weighted correlation coefficient - indicator for MetaTrader 5
• ColorSchaffTriXTrendCycle - indicator for MetaTrader 5

Same system for MT4:

1. Brainwashing. Trades: manually and using EAs (MT4)
2. Brainwashing EAs - the thread (MT4)
3. Brainwashing: system setup for trading manually and for EAs (MT4) - the thread 
4. Brainwashing: system development (MT4) - the thread