Australian business conditions index rises strongly in March

Australian business conditions recorded a strong growth in March, reversing the fall recorded in February. In March, business conditions index rose to 7, as compared with February’s 4.2. The details of the report were in line with the headline. All the sub-indices rebounded except capital expenditure.

Throughout the states, conditions rose sharply in New South Wales, to the highest level since September 2018. Condition fell significantly in Tasmania, but are still higher than other states. Conditions rebounded in South Australia and Western Australia and were little changed elsewhere.

Throughout industries, retail conditions rose sharply, to the highest level since the mid-2018. Mining rose after falling in February, while conditions in the construction sector also rose. The wholesale sector recorded a marked fall.

At 11:00 GMT the FxWirePro's Hourly Strength Index of Australian Dollar was neutral at 29.4294 while the FxWirePro's Hourly Strength Index of US Dollar was slightly bullish at 50.4993 more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex