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Westpac Consumer Sentiment up by 4.2% in February

Wednesday, Feb 10 2016
The Westpac Melbourne Institute Index of Consumer Sentiment rose by 4.2% in February to 101.3 from 97.3 in January. The Index has now recovered all the ground it lost in January when it fell by 3.5%. The Index has now returned to a level (above 100) where optimists outnumber pessimists. This is good news in that there have only been five months over the last two years when we have had optimists in the ascendency. While the plunge in the oil price is disturbing from a market perspective, households are now benefitting from lower petrol prices. Since the survey in January “average pump price” has fallen by 8.5% providing households with a decent boost to disposable incomes. 
The significant influence of markets on the recent Confidence measures is best demonstrated in the component of the Index measuring how respondents assess family finances relative to a year ago. In its recent Statement on Monetary Policy the Reserve Bank highlighted this component in its discussion on consumption indicators. In today’s survey ‘family finances relative to a year ago’ lifted by 11.3% following a 9.4% fall in January. This component of the Index is now up by 3.4% compared to a year ago.
 
Aussie is currently being traded around 0.7060 area. Pair is likely to find support around 0.70 handle and resistance above 0.71 level. Later today, in the US session, Janet Yellen is due to testify on the Semiannual Monetary Policy Report before the House Financial Services Committee, in Washington DC.
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