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Australian Consumer Confidence Rises unexpectedly

Posted by Akhilesh Ganti on Jun 11, 2013 8:51:00 PM

Australian consumer confidence sentiment index for June rose a surprising 4.7% from its previous reading as concerns over the federal budget eased. The sub-index tracking assessments of family finances -vs- the prior year also rose by 8.5%, more than reversing the 8% drop in May. While this was encouraging, worries over the domestic economy and job security still remain. The RBA is scheduled to meet on July 02, 2013 with the market still pricing in more rate cuts over a medium term horizon. The AUD/USD spiked to make session highs at 0.9500 before retreating to currently trade at 0.9460. 

Australia westpac jun13

{chart:Bloomberg}

 

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