ANZ-Roy Morgan Consumer Confidence for July comes in at 81.9
- from 80.5 in June
ANZ remarks, in brief:
- basically flat in July at very subdued levels
- Households are understandably worried, with strong inflation eating into budgets, interest rates higher, house prices falling, and uncertainty ongoing.
- But in aggregate we haven’t seen a big pull-back in spending, which likely reflects the fact that there are job vacancies everywhere you look, and wages are rising.
As part of the monthly survey is an indicator on expectations of inflation. ANZ note:
- Inflation expectations eased from 5.6% to 4.9%, the lowest rate in a year. That’s a win, as it shows monetary tightening is gaining traction.
NZD/USD update, little changed:
