Australian weekly consumer confidence index falls again
Source: FxWire Pro - Commentary / 14 Aug 2018 09:27:24 America/New_York
Australia’s weekly consumer confidence index dropped. The ANZ-Roy Morgan Australian Consumer Confidence dropped 0.6 percent last week after a 0.8 percent fall in the earlier week. A sharp rebound in household’s optimism about ‘future financial conditions’ was outweighed by deterioration in sentiment through the remaining subindices.
Household’ views towards current financial conditions dropped 1 percent last week, only partially countering the cumulative 3.5 percent rise over the earlier two weeks. Views towards future conditions moved in the opposite direction, up 2.6 percent – to their highest point in eight weeks.
Consumers’ continued to be less optimistic regarding current economic conditions – their assessment fell another 1.7 percent last week, on the back of a 2.7 percent decline in the earlier week. Views towards future economic conditions also saw a modest fall of 0.3 percent, though this was following a 1.4 percent rise in the week prior.
The ‘time to buy a household item’ subindex fell 2.5 percent – its fourth straight weekly fall. Four week moving average inflation expectations remained at 4.3 percent.
“Geopolitical issues may be weighing on sentiment. US-China trade tension was in the news again, supporting the view that they are unlikely to be resolved quickly. A sharp fall in the Turkish lira, and its associated impact on financial markets more generally, may also have impacted”, noted David Plank ANZ Head OF Australian Economics.
At 13:00 GMT the FxWirePro's Hourly Strength Index of Australian Dollar was highly bearish at -126.772, while the FxWirePro's Hourly Strength Index of US Dollar was slightly bullish at 64.1019. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex© FxWire Pro 2019. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.