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Westpac consumer sentiment rose 6.4% in May

Wednesday, May 20 2015
Westpac consumer sentiment index rose a seasonally adjusted 6.4% in May, from April when it fell 3.2%.The index reading of 102.4 was 10.1% higher than in May last year."It is the first time since February this year that the Index has been above 100, the point above which optimists outnumber pessimists. It is the highest level of the Index since January last year," said Bill Evans, Westpac's chief economist.
 
"Clearly, the two driving forces behind this boost have been the Federal Budget and the interest rate cut." The May survey showed its measure of economic conditions for the next 12 months climbed 9.2%, while that for the next 5 years soared 20.2%. A measure of family finances compared to a year ago rose 5.8%, while the outlook for the next 12 months gained 2.2%.
 
Despite the figures, Aussie fell this morning but managed to rebound and is currently being traded few points above 0.7920 area. Pair is likely to find support around 0.7850 level and resistance below 0.80 handle. Later today, in the US session, FOMC Meeting Minutes are scheduled for a release.
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