Australian data –  Westpac Consumer Confidence (March) +4% (prior +0.1%)

Wow, I did a double take on that number.

• Up 4% to 95.9 and a 3 year high.
• Up 13.6% y/y

Not getting overly carried away, the result is still under 100 and thus net pessimistic. Still, a huge jump.

The report cites:

• slowing inflation
• the first interest rate cut in over four years “has bolstered confidence that interest rates will continue to move lower” (WPAC comment)

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The Westpac Consumer Confidence Index is a monthly survey that measures Australian consumer sentiment based on respondents’ views on the economy, personal finances, and spending intentions.

Its conducted by Westpac and the Melbourne Institute, the index is a key gauge of household confidence and future consumer spending trends.

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Earlier consumer confidence data remained languishing:

• Australian weekly consumer confidence survey slumps again, to 86.9 (prior 87.7)

This article was written by Eamonn Sheridan at www.forexlive.com.