Analysts at TD Securities point out that Australia’s Westpac Consumer sentiment print for July fell to 2yr lows, -4% m/m.
“We had anticipated a bounce given the last survey covered the legislated tax cuts and RBA cut but there were substantial falls in expectations about personal finances and the economy over the next year and concerns about unemployment lifted sharply in NSW, Vic and WA. Let's see if sentiment improves.”
“For Q2 wages, we forecast 0.55% q/q and 2.3% y/y. Annual wage growth has been moving at a glacial pace. At 2.3% y/y, this is tracking well below levels implied by the underutilisation rate that suggest annual wages growth should be closer to 2.9%. However we don't expect wage pressures to pick up materially given there are more unemployed than there are vacancies.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.