Australian business conditions weaken in April. The index dropped by 4.1 points to move back below the long-run average, offsetting the 2.7 point rise seen in the prior month. Most of the sub-indices eased, although there were slight rises in business sentiment and capacity utilization. The employment index dropped to its lowest level since 2015, though it is still in line with continued jobs growth.
Region wise, conditions dropped sharply in New South Wales, Queensland and Western Australia; Victoria recorded a smaller fall. On the contrary, conditions rose in Tasmania and South Australia. Conditions in New South Wales and Victoria continue to be slightly above their long-run average.
The only industry to see a monthly rebound in conditions was mining. The condition continue to be well above their long-run average. Business conditions in manufacturing are also above their long-run average, but all other industries are considerably below average, noted ANZ in a research report.
At 12:00 GMT the FxWirePro's Hourly Strength Index of Australian Dollar was bearish at -85.6884 while the FxWirePro's Hourly Strength Index of US Dollar was neutral at -26.4909 more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
