The Australian greenback misplaced floor Wednesday as shopper confidence fell to its lowest degree since September 2017.
The Westpac-Melbourne Institute shopper confidence index has fell four.eight%, ensuing within the index in "territory" cautiously pessimistic "after it continued within the" cautiously optimistic "zone till 2018.
The Australian forex fell by zero , 5% to zero.7047 USD after the publication of the index. It was subsequently buying and selling at $ zero.7057.
This studying additionally comes after Australia introduced final week GDP progress under forecasts of two.three% for 2018, attributable to a slowing actual property market, low shopper spending and unsure worldwide commerce. Outlook.
Matthew Hassan, chief economist at Westpac, mentioned the media protection of disappointing financial info was an element contributing to the weakening of emotions. outcomes, noting the frequent short-term fluctuations in shopper confidence ranges.
"Earlier than the final decline, Australian confidence ranges have been truly larger than longer-term averages," he mentioned.