Australia consumer confidence weekly survey drops 0.5% w/w

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Australia consumer confidence weekly survey drops 0.5% w/w

<p>ANZ Roy Morgan weekly survey of consumer sentiment 85.6</p><ul><li>prior 86.1</li></ul><p> ANZ remarks:</p><ul><li> Confidence softened by 0.5% last week, even as interest rates rose by 50bp.</li><li> Overall consumers are still very pessimistic.</li><li>Household <a href="https://www.forexlive.com/terms/i/inflation/" target="_blank" id="ad51a5a2-1afc-4f42-9e62-ea6faf6f90fa_1" class="terms__main-term">inflation</a> expectations dropped 0.1ppt to 5.3%.</li><li>Over the 3 previous 50bp rate hikes this year confidence fell much more sharply than it did last week. Perhaps Lowe's hint that the size of the rate increases may be less in the future helped. Lower petrol prices may also have contributed.</li></ul><p>---</p><p>And still ahead is the Westpac monthly survey of consumer sentiment, due at 0030 GMT (prior -3% m/m)</p>

                This article was written by Eamonn Sheridan at forexlive.com.

Source: Australia consumer confidence weekly survey drops 0.5% w/w

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