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.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 61% of retail investor accounts lose money when trading CFDs with this broker. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 61% of retail investor accounts lose money when trading CFDs with this broker. Before deciding to trade foreign exchange you should consider whether you understand how CFDs work, your investment objectives, your level of experience and readiness of taking risk. The possibility exists that you could sustain a loss of some or of all of your initial investments and therefore you should not risk more than you are prepared to lose. Please seek independent financial advice if necessary.
|By clicking "Continue" you will be redirected to the website operated by FIBO Group, LTD company registered in BVI and regulated by FSC. Please familiarize yourself with the Customer Agreement through the link. Click "Cancel" to remain on this page.|