Consumer confidence up but Aussie dips
February 10, 2021SharePrint
The Australian dollar has reversed directions on Wednesday, after registering three winning sessions. Currently, AUD/USD is trading at 0.7726, down 0.16% on the day.
Australian Consumer Confidence rises
Australian confidence indicators have enjoyed a good week. In February, the Westpac Consumer Confidence Sentiment index rebounded in impressive style, with a gain of 1.9%. This follows a sharp decline of 4.5% beforehand. The December reading marked a 10-year high, so the Australian consumer is showing a high level of confidence in the economy. Importantly, the index is now 14.2% higher on a year-to year basis, which means the consumer confidence is comfortably higher than its pre-pandemic level. The survey noted that the “light-handed” lockdowns had effectively contained Covid-19, which had contributed to the increase in consumer confidence.