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Forex News: Aussie Higher on Upbeat Consumer Confidence Index

Forex News: Aussie Higher on Upbeat Consumer Confidence Index

Robin Leung,

The Takeaway: Australian Westpec Consumer Confidence Index jumped markedbly -> It may offset some of the disappointing economic releases -> AUD/USD edged higher

The Australian Westpec Consumer Confidence Index jumped 7.7% to 108.3, compared to a 0.6% increase in the prior reading, the biggest jump since 2011. The index is a gauge for consumer confidence and a leading indicator for the economy as a whole.

The stronger consumer confidence index indicated that the Australian economic outlook may not be as dismal as suggested by the disappointing retail sales and home loans approvals that released last week. Moreover, it may be proven that the lower interest rate has started to provide some support for the domestic market. Looking ahead, apart from the consumer inflation expectation scheduled for release on Thursday, the economic docket has little schedule for China and Australia, so forex traders may further speculate the Aussie on rate cut bets, as the market is pricing in a 44 probability that the RBA will cut rate by 25 bps in the next meeting, down from 55 earlier today.

At the time of writing, the AUD/USD is trading at 1.03317, rose around 25 pips upon the announcement and may regain the momentum seen in the last European session.

Forex_News_Aussie_Higher_on_Upbeat_Consumer__body_Picture_1.png, Forex News: Aussie Higher on Upbeat Consumer Confidence Index

Charted Created by Robin Leung using Marketscope 2.0

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.