Aussie Gets Boost from Consumer Sentiment

  June 12th, 2013 at 14:11, Miranda Marquit

A heap of Australian dollarsAussie is getting a bit of a boost today, thanks to improvement in consumer sentiment. Australian dollar is gaining against the US dollar as questions about what’s next for the US dollar continue, and as the situation shows improvement Down Under.

The Westpac/Melbourne Institute just released its consumer sentiment reading for June, and the result was a sizable increase. The index rose to 102.2 points, which puts consumer sentiment above the 100-point level that is indicated for optimism.

As a result of this improved consumer sentiment, and the hopes that consumer spending will keep the economy going as a result, the Aussie is seeing some gains today against its major counterparts. Australian dollar has been struggling a bit recently on disappointing Chinese data. China plays a big role in Australia’s economy, and with China’s growth slowing, the Aussie is likely to be impacted.

This good news today offers some optimism for the Aussie. Also providing support is the rise in commodity prices, especially gold. As a commodity currency, better performances by gold is helpful to the Australian dollar.

At 14:07 GMT AUD/USD is up to 0.9517 from the open at 0.9426. EUR/AUD is lower, dropping to 1.3990 from the open at 1.4124. GBP/AUD is also lower today, heading down to 1.6465 from the open at 1.6586.

If you have any questions, comments or opinions regarding the Australian Dollar, feel free to post them using the commentary form below.

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