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Australian weekly consumer sentiment index rises to highest since late July

Australian weekly consumer sentiment index came in at the highest level since the end of July. The ANZ-Roy Morgan Australian Consumer Confidence rose 1.9 percent last week. Consumers’ perception of current financial conditions were up 3.3 percent last week, while sentiment about the future financial situation rose 0.9 percent.

Sentiment towards current economic conditions dropped 1.9 percent, while future economic conditions rose 3.3 percent. These indices had dropped last week. The ‘time to buy a household item’ sub-index recorded its third straight weekly gain, increasing 3.6 percent. Four-week moving average inflation expectations rose higher at 4.4 percent.

The risen in confidence this week came in in spite of the ongoing strength in petrol prices and sharp weakness in equity markets, noted ANZ Head of Australian Economics, David Plank. Regardless, the important takeaway is that consumer sentiment continues to be resilient in spite of several potentially negative influences.

“With the strength in the labour market providing clear support to confidence, this week’s employment numbers will be closely watched”, added David Plank.

At 11:00 GMT the FxWirePro's Hourly Strength Index of Australian Dollar was neutral at 11.5201, while the FxWirePro's Hourly Strength Index of US Dollar was highly bearish at -138.492. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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2019-01-18 08:03:58
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