AUD: Consumer confidence data points to a good start of the year – ANZ

By FXStreet FXStreet (Delhi) – Research Team at ANZ, suggests that yesterday’s ANZ-Roy Morgan Australian Consumer Confidence data suggested households started the year with a positive tone.

Key Quotes

“The index rose 0.8% in the week ending 3 Jan, leaving confidence well above its long run average. While consumers are generally optimistic during the holiday season, it is a good sign for the economy that consumers are particularly upbeat about their current financial situation. Indeed, the Australian Retailers Association and Roy Morgan Research estimate that this year’s post-Christmas sales (from boxing day to 15 January) will be 4% higher than 2014.”

“Stronger employment conditions and the falling petrol prices appear to be major positive factors for consumer spending and confidence going forward. The outlook however is clouded by soft wages growth and wealth gains and population growth will not be as strong in 2016 as in 2015. However, the strong retail activity and firm consumer confidence – if sustained – may translate to a pick-up in business confidence, which has been lacklustre despite buoyant business conditions.”
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Source:: FX Street