Westpac's consumer sentiment index down by 3.2%
Westpac's index of consumer sentiment slipped a seasonally adjusted 3.2% in April, from March when it dipped 1.2%. The index reading of 96.2 was 3.5 percent lower than in April last year. The retreat unwound more of February's sharp 8.0% gain which followed a cut in interest rates early that month. The Reserve Bank of Australia (RBA) has since held rates steady, but has left the door open for further easing if needed.
"We must recognise that confidence is again looking vulnerable heading into the Budget announcement next month," said Westpac's chief economist Bill Evens. "Indeed, recognition that the next Budget is imminent may have contributed to this month's weakening in confidence."
Data did not have any major impact on Aussie which is currently being traded slightly below 0.76 handle. Pair is likely to find support around 0.7550 and resistance above 0.7650 area. Later today, in the US session, Empire State Manufacturing Index and Industrial Production figures are scheduled for a release.
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