Australian consumer sentiment returns to uptrend

Australian consumer sentiment rose after falling in the last week. The ANZ-Roy Morgan Australian consumer sentiment returned to an upward trend, rising 1.3 percent. Results came in mixed at a disaggregated level, with three out of five sub components indicating a rise.

Consumers were more positive about the current and future economic conditions, with the indices rising 4 percent and 4.2 percent respectively. Confidence toward future economic conditions is the highest since late 2013.

Confidence towards financial conditions came in mixed, with the current sub-index extending its losses from last week, dropping an additional 1.6 percent to 103, while future finances rose a bit by 0.5 percent to 126.8 after two straight weekly falls.

Confidence around the ‘time to buy a household item’ saw its second consecutive weekly fall, dropping 0.4 percent 141.3. Four week moving average inflation expectations dropped to 4.4 percent.

“Encouragingly consumer confidence has sustained the bulk of its January gains, potentially setting up 2018 for a solid start in terms of consumer spending”, stated ANZ’S Head of Australian Economics, David Plank.

At 13:00 GMT the FxWirePro's Hourly Strength Index of Australian Dollar was neutral 43.6668, while the FxWirePro's Hourly Strength Index of US Dollar was neutral at 6.00081. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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