Australian consumer sentiment index falls at start of 2019

Australian consumer confidence falls at the start of 2019. The ANZ-Roy Morgan Australian consumer sentiment dropped 2.2 percent last week. The current financial conditions dropped 4.3 percent, the third straight fall, while financial conditions bucked the overall trend and rose 1.1 percent. Economic conditions fell, with current and future economic conditions falling 4.2 percent and 3.1 percent, respectively. The ‘time to buy a household item’ dropped 1.1 percent. Four-week moving average inflation expectations stayed stable at 4.3 percent.

“Consumer confidence has started 2019 on a soft note, with overall sentiment falling by 2.2%. A number of factors are likely at play. Much of the global news has been negative over recent weeks, with broad weakness in equity prices since the last confidence survey in December reflective of this”, stated ANZ’s Head of Australian Economics, David Plank.

Meanwhile, lower petrol prices might be aiding confidence and the solid US payrolls report indicates there is still plenty of momentum in the U.S. economy.

At 12:00 GMT the FxWirePro's Hourly Strength Index of Australian Dollar was highly bullish at 129.134, while the FxWirePro's Hourly Strength Index of US Dollar was highly bearish at -118.259. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex