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Westpac Consumer Confidence Survey Flags Expectation Of Interest-Rate Increases

AUD

AUD/USD gained for the second day in a row Tuesday amid general resilience in equity markets. Hawkish RBA musings flagged yesterday may have provided some additional support to the Australian dollar.

  • The rate operates at $0.7147, virtually unchanged on the day. A break above Feb 3 high of $0.7168 would encourage bulls to take aim at Jan 20 high of $0.7277. Conversely, a dip through Feb 1 low of $0.7034 would open up Jan 28, 2022/Jul 16, 2020 lows of $0.6968/63.
  • Sentiment among Australian consumers deteriorated this month, according to monthly Westpac survey. Headline index fell to 100.8, nearing the breakeven threshold of 100. Westpac's Bill Evans pointed to a "firming expectation amongst consumers that interest rates are set to rise," as "the proportion of respondents expecting an increase in mortgage rates over the next 12 months lifted from 55% in January to 66% in February."
  • Australian consumer inflation expectations will hit the wires on Thursday, with RBA Gov Lowe due to appear in the House on Friday.
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