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Westpac Consumer Sentiment increased by 0.3%

Wednesday, Sep 14 2016

A leading indicator of Australian consumer confidence rose for a second consecutive month in September, as consumers took favourably to lower interest rates and increased stability following the federal election. The Westpac-Melbourne Institute survey of consumer sentiment climbed 0.3% in September, following a 2% increase the prior month.

Consumer confidence was expected to improve after the Reserve Bank of Australia (RBA) lowered interest rates to a new low of 1.5% in August. The decision was a precautionary measure against deflation, which poses a bigger threat to the Australian economy than at any time in recent memory. Westpac noted in its August sentiment report that consumers were less receptive to the RBA’s latest rate cut than they were to the one in May.

 

Aussie is currently being traded around 0.7480 handle. Pair is likely to find support around 0.7450 and resistance above 0.75 area.

More in this category: « ZEW Economic Sentiment for Germany unchanged in August Number of unemployed in the UK rose by 2,400 »

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