Australia Westpac Consumer Sentiment stays deeply pessimistic (below 100)
+2.2% m/m in May to 92.1
- prior -6% to 90.1
- +12% y/y
WPAC says confidence was given a boost by
- a clear election win result
- a more confident view on the prospect of interest rate cuts
Earlier from Australia we had the weekly ANZ-Roy Morgan Australian consumer confidence index:
- +0.8 points last week
- hit an 11-week high of 88.3 points
- inflation expectations are part of the survey, these fell 0.4% to 4.5%.
The Reserve Bank of Australia is on track to cut its cash rate next week.
