Release Explanation: This figure measures the level of consumer confidence and is an average of five indexes measuring different aspects of consumer fiscal health. This is one of the few indicators that are entirely expectation based. Confidence figures are often leading indicators for the consumer spending and the economy as a whole. The headline figure is percentage change in the index value from that of the previous month.
Trade Desk Thoughts: The consumer sentiment indicator for Australia came in at -0.2 percent from last month’s -4.6 percent reading. The sentiment index came in at 85.6 points in March and this is the fourteenth month that the index has held below 100. However, Australian consumers feel optimistic about the direction of the economy on the long term scale of five years.
Forex Technical Reaction: The Australian dollar has gotten a boost after this release and is testing the high of the previous day’s high at .6485.