Australian Dollar Drops on Weak Consumer Sentiment
March 12, 2014 11:15 amVideo
Latest News
- Technical Analysis – NZDUSD bulls show up before RBNZ rate announcement April 9, 2024
- Trading Signals for GOLD (XAU/USD) for April 9-11, 2024: sell below $2,364 (6/8 Murray – overbought) April 9, 2024
- Will Friday’s data add to hopes of UK exit from recession? – Preview April 9, 2024
- ECB meeting looms: what to expect April 9, 2024
- EUR/USD: Waiting for price turbulence April 9, 2024
- Technical Analysis – EURUSD remains above SMAs with weak momentum April 9, 2024
- BoC to put June rate-cut on the map-tentatively – Preview April 9, 2024
- Forex forecast 04/09/2024: EUR/USD, GBP/USD, Oil and Bitcoin from Sebastian Seliga April 9, 2024
- Video market update for April 09, 2024 April 9, 2024
- Technical Analysis – EURJPY rises towards 16-year high April 9, 2024
- Market Comment – Gold shines bright, yen knocks on intervention door April 9, 2024
- Technical Analysis – AUDUSD steady after several sessions of gains April 9, 2024
- Technical Analysis – GBPUSD capped by 50-day SMA April 9, 2024
- Trading plan for GBP/USD on April 9. Simple tips for beginners April 9, 2024
- Trading plan for EUR/USD on April 9. Simple tips for beginners April 9, 2024
- Forecast for EUR/USD on April 9, 2024 April 9, 2024
- Forecast for GBP/USD on April 9, 2024 April 9, 2024
- Forecast for USD/JPY on April 9, 2024 April 9, 2024
- EUR/USD and GBP/USD: Technical analysis on April 9 April 9, 2024
- Bitcoin: Target for this bull cycle is $300,000 April 8, 2024
The Australian dollar declined for a fourth day against the greenback on Thursday after reports from Westpac revealed consumer sentiment dropped to its lowest since May last year while home loans dropped.
The Australian dollar traded 0.18% lower at $0.8958 at the time of writing, following the release, after trading close to $0.8967 earlier in the session.
Australian Dollar – Weak Sentiment
Australia’s consumer sentiment index dropped 0.7% to 99.5 points in March, the lowest level since May last year and compared to the previous reading of 100.2 points seen in February, according to the Westpac-Melbourne Institute Consumer Sentiment gauge. A figure below the 100 mark indicates more consumers were pessimistic than optimists.
“The degree of concern around jobs is very high,” Westpac senior economist Mathew Hassan said in the statement on Wednesday. “We retain our view that rates will remain unchanged over the first half of 2014, but with two further 25bp rate cuts in the second half.”He also added “More recent falls though have had a very clear theme centering on a sharp loss of confidence in the economic outlook and escalating job-loss fears.”
The latest figures from the job market revealed unemployment climbed to a ten-year high of 6% in January, while the participation rate came in at an eight-year low of 64.5%. The labour market report for February is expected to be released on Thursday, with the jobless rate and participation rate forecasted to remain unchanged.
The sub-index tracking consumer which tracks the views on the outlook conditions over the next year fell 4%, following the fall of 7.1% seen in February, reports from Westpac confirmed.
Home Loans
Meanwhile in the housing sector, the number of loans granted to purchase or build homes was unchanged in January from the previous month, after it dropped by 3.3% from December, the statistics bureau said today.
Visit www.hymarkets.com to find out more about our products and start trading today with only $50 using the latest trading technology today
The post Australian Dollar Drops on Weak Consumer Sentiment appeared first on | HY Markets Official blog.
Related Posts: