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Weekly Consumer Confidence Dips

AUD

AUD/USD struggled for a clear direction Monday, as a market holiday in the U.S. limited activity, while Chinese goings-on flagged earlier failed to elicit much volatility in the Aussie dollar.

  • The rate sits at $0.7215 as we type, with bears setting their sights on Jan 11 low of $0.7155. A break below that level would open up Jan 7 low of $0.7130. On the topside, focus falls on Jan 13 high of $0.7314, followed by Nov 15 high of $0.7371.
  • Australia's ANZ Roy Morgan Weekly Consumer Confidence dipped 7.6% to 97.9 from the previous week, hitting its lowest level since Victoria's second wave of Covid-19 in October 2020. ANZ noted that "we don’t think the economy is as weak as these data might suggest, with the shock of the Omicron surge and strains on testing capability the key drivers of the fall rather than underlying economic conditions."
  • Focus moves to Westpac Consumer Confidence (Wednesday) as well as consumer inflation expectations and jobs market report (Thursday).
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