The Westpac Melbourne Institute Index of Consumer Sentiment rose by 1.1% in October from 101.4 in September to 102.4 in October. This result extends a remarkable run of stability in the Index. Over the last six months the Index has held within a relatively tight 4% range with five of the six readings hovering just above 100 indicating that optimists have remained slightly in the ascendancy. This has been despite some significant local events including two rate cuts from the Reserve Bank; a very close election result and the aftermath of the May Budget.
International events have hardly been without highlights including the vote by the British people to leave the European Union (‘Brexit’) and a particularly volatile US presidential election. On the other hand anxieties around China have definitely settled down and the prices of Australia’s major commodity exports have been particularly buoyant.
Aussie is currently being traded around 0.7580 area. Pair is likely to find support at 0.75 handle and resistance above 0.7630 level.
UK still likely to leave the EU with a negotiated agreement, says Number 10
Sentix Investors Confidence rose to 14.7 in August
German factory orders -4.0% seasonally adjusted on the previous month
China's July exports growth still seen holding up despite U.S. tariffs: Reuters poll
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