Australia data coming up today - what to expect from consumer sentiment
Westpac's monthly measure (Westpac-Melbourne Institute Consumer Sentiment Index ) of consumer confidence is due at 0030GMT
Last month's result was another poor one, the 9th consecutive month where pessimists outnumbered optimists (i.e. the index below 100)
For today, WPAC's preview:
- The Westpac-Melbourne Institute Consumer Sentiment Index declined 1.2% to 95.5 in August from 96.6 in July. The consumer mood has deteriorated over the last year with the survey detail showing increased pressures on family finances; concerns around interest rates; and deteriorating housing affordability in NSW and Victoria weighing on confidence despite an improved outlook for jobs.
- This month's survey is in the field over the week ended Sep 9. Concerns around interest rates may have eased after RBA comments made clear, that rate increases are not imminent. Economic data continues to show growth and solid job gains, although ongoing weakness in wage inflation and rising costs for key essentials such as electricity are continuing to pressure incomes.
This data point does not tend to have an immediate price impact on forex.