FXstreet.com (Barcelona) - Today, Westpac consumer confidence in Australia “revealed what could only be described as a consumer that is starting to see some blue sky,” said Senior Economist Markets at the NAB, David de Garis, noting “Consumer sentiment rose a sturdy 7.7% in February to an index level of 108.3, a level that is now above its long term average and clinically consistent with good levels of consumer spending.”

According to David, this �Buys more time for RBA to remain on hold in March unless upcoming key quarterly reports amplify downside real economy risks,” despite the “Economy not out of the woods;” the economist adds, suggesting: “more cuts will still be needed to support non-mining economy ahead; 75bps of cumulative cuts still our call for this year,” he concludes.