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Australian Consumer Confidence fell in January

Wednesday, Jan 20 2016
A measure of Australian consumer sentiment slipped in January as sharp losses on financial markets and anxiety over China's outlook dominated headlines and darkened the public mood. The survey of 1,200 people by the Melbourne Institute and Westpac Bank showed its index of consumer sentiment slipped a seasonally adjusted 3.5 percent in January, from December when it eased 0.8 percent.
 
The index reading of 97.3 was still 4.3 percent higher than a year ago, though pessimists now slightly outnumbered optimists. "With limited domestic news during the holiday season consumers appear to have been mainly impacted by the spate of negative news on the international front and the spillover effect on financial markets," said Westpac Chief Economist Bill Evans.
 
Over the two weeks to the end of the survey, oil prices fell by 20 percent and the Australian share market by 7.6 percent.The biggest impact was on the index of family finances compared to a year ago, which slid 9.4 percent.
 
The outlook for finances over the next 12 months eased 2.3 percent. The survey's measure of economic conditions for the next 12 months fell 5.0 percent, though confidence in the economy over the next 5 years actually edged up 0.3 percent, and was almost 12 percent higher on a year ago. The index of whether it was a good time to buy a major household item dipped 1.7 percent in the month.
 
Yet there was also a hefty 13.9 percent increase in the 'time to buy a dwelling' index to 113.0 in January, the highest reading since May last year. The Reserve Bank of Australia (RBA) cited improving indicators of business and consumer confidence when it skipped a chance to cut interest rates last month. (Copyright Reuters, 2016)
 
Aussie is currently being traded around 0.6850 area. Pair is likely to find support around 0.68 handle and resistance above 0.6950 level. Later today, in the US session, CPI, Building Permits and Housing Starts figures are scheduled for a release.
More in this category: « Carney says there is no timetable for rate hike UK Unemployment Rate down by 5.1% »

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