Australia consumer confidence sharply rises, suggests upbeat start for households in 2017

Australia consumer confidence in the week ending 8 January jumped a sharp 5.9 percent, hitting the highest level in 15 weeks. The details were broadly upbeat, with views on economic conditions over the next 12 months and ‘now is a good time to buy a household item’ leading the gains.

Households’ views of economic conditions over the next 12 months bounced a solid 11.2 percent, almost entirely reversing last month’s decline. Household views of the economic outlook in the next five years rose 2.2 percent, reported ANZ in its daily report.

Households’ views towards their finances compared to a year ago rose 3.0 percent and now sits at the highest level since the end of September 2016, when the index reached a post-GFC high. Households’ views towards their future finances also improved, up 3.5 percent last week, and are in a strong upward trend, they added.

Meanwhile, the benchmark Australia's S&P/ASX 200 index traded 0.56 percent lower at 5,720 by 05:00 GMT, while at 5:00GMT, the FxWirePro's Hourly AUD Strength Index remained neutral at 56.94 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex