Move higher after fall in 3Q
The Westpac consumer confidence for the 4Q rebounded to 109.1 from 103.5 in the 3Q. The 3Q reading was the lowest level since 3Q 2012. The high for 2018 was at 111.20 in the 1Q.
- present conditions rises to 111.5 from 107.5
- expected conditions rises to 107.5 from 100.8
- confidence gauge is a hyacinths 1st quarter 2018
- The 3rd quarter was the lowest in 6 years
Westpac comments that:
- with fuel prices down and signs the housing market is firming, households are in the mood to spend heading into the Christmas shopping season
- the number of households that think now is a good time to make a major purchase is at its highest level in 4 years
- the proportion of households or said they would use a 10,000 windfall to pay down debt has fallen to its lowest level in 20 years
The NZDUSD has seen little price impact from the data.
The price action today in the NZDUSD has been to the upside, with corrective action in the NY session. The move lower has taken the price back down below a broken trend line and the 200 hour MA at 0.6851-52. The price does still remain above the 200 day MA at 0.6835 though.
