Consumer confidence boosts Australian dollar

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The Australian dollar has pushed higher today on the back of local data released which showed another jump in consumer sediment among the Australian population.

At 2.04pm (AEDT) the Aussie dollar was trading at US 75.81c up from US75.40c in yesterday’s trading.

The latest  Westpac consumer sentiment index released during the Asian session earlier today jumped 1.1percent in October , well up from the  0.3 percent figure of last  month and marking it’s 3 straight month of consecutive gains.

"This result extends a remarkable run of stability," said Westpac chief economist Bill Evans.

"Over the last six months the index has held within a relatively tight 4 per cent range with five of the six readings hovering just above 100 indicating that optimists have remained slightly in the ascendancy." he added

Mr Evans also noted that the Australian economy and especially consumer confidence has withstood uncertainty in recent times such a “Brexit” and the much anticipated US presidential elections due in early November,

Confidence has remained strong “despite some significant local events including two rate cuts from the Reserve Bank; a very close election result and the aftermath of the May federal budget," he said.

The jobs market has also remained upbeat and “Ongoing stability in the labour market has been one likely explanation for the overall boost to confidence,” Evans added.

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