Due at 2330 GMT from Australia is Westpac Consumer Confidence for March.
- Prior +4.3% to 103.8
This data release often passes by with not much of a ripple, but interest in AUD related data is heightened since the RBA switched to a neutral bias (from hawkish) and data has deteriorated.
If the monthly consumer confidence follows the direction of the weekly consumer sentiment data (the ANZ/Roy Morgan survey) the risk to the AUD is further downside. I don't expect it'll be a dramatic impact, but it will have a tendency to weigh. A better result on the other hand, should give a bit of a support to the AUD.
Via Westpac on likely conflicting inouts to the survey:
- main development over the last month has been another run of weak economic data … soft December quarter... GDP … press coverage emphasising the weakness of the second half of 2018
- Financial markets have remained quite buoyant, the ASX up a further 3% since the last survey, but housing market conditions remained soft.
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AUD daily candles:
