Free Trial

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).

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.