A Touch Lower, No Meaningful Fresh Information In NAB Survey

Aussie bond futures have nudged lower alongside broader core FI markets in early Sydney trade, leaving YM -2.0 & XM -6.0.

• There wasn’t any fresh meaningful information within the latest monthly NAB business survey, with Omicron, known labour market patterns and supply bottlenecks front and centre. The headline confidence metric returned to positive territory (+3) after an Omicron-induced negative print in December. To sum up, the survey collator noted that “overall, the January survey shows significant disruption to business activity from the spread of the Omicron variant, albeit impacts on businesses were less severe than in past outbreaks. However, we continue to expect a strong recovery as case numbers come down.”