ANZ Roy Morgan weekly Consumer Sentiment for the week ended December 7, a fall of 3.1% on the week to 110.4
- Lowest level in four months
- Driven by a sharp decline in confidence in the economic outlook (ANZ blame the the weak GDP data and media focus on government’s economic management)
ANZ chief economist Warren Hogan:
- We think a key question for monetary policy right now is would rate cuts help build confidence or generate more concern and uncertainty about the future of the economy.
- Today’s number suggests that it may be the latter.
- We will be watching the weekly numbers closely over the Christmas shopping season to gauge the momentum the economy will take into 2015
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This data point is not often much of an immediate FX market mover … and sure enough the AUD isn’t doing much on it.
