Australian consumer sentiment rises to highest since October 2013

Australian consumer sentiment rose in the last week. The ANZ-Roy Morgan Australian Consumer Confidence continues with its upward trend, with the headline index rising 1.2 percent to the highest since October 2013. However, details came in mixed, with views around future financial and economic conditions giving a slight drag on the headline number.

The current finances sub-index was up 2 percent last week after a strong 5.8 percent rise the week prior. In the meantime, views about future financial conditions dropped slightly. Both sub-indices are above their long term average.

Sentiment about current economic conditions was up 1.4 percent last week, bringing the index to its highest value since March 2013. Views around future conditions fell 0.5 percent last week after a 4.2 percent rise earlier.

Confidence around the ‘time to buy a house item’ improved a strong 3.4 percent lifting the index well above its long term average. The weekly inflation expectations number rebounded to 4.7 percent last week, though it continues to be unchanged at 4.5 percent in four week moving average terms.

“The rise in confidence is quite encouraging and is consistent with the positive data out on building approvals and retail sales. In particular, the improvement in overall economic conditions since September supports our view of solid economic activity in 2018” , said ANZ’S head OF Australian Economics, David Plank.

At 13:00 GMT the FxWirePro's Hourly Strength Index of Australian Dollar was bullish 22.7198, while the FxWirePro's Hourly Strength Index of US Dollar was highly bearish at -143.782. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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