Australian January shopper confidence -0.7% m/m to 92.1

Australia Westpac Consumer Confidence for January 2024

-0.7% m/m

• prior –2.0%

The index drops to 92.1

• prior 92.8

This is a monthly report. We had the weekly confidence data earlier, dropping also:

• Australian weekly consumer confidence survey fell to 87.1 (prior 87.5)

The big news, moving markets, is not this data, it’s the ‘gradual’ tariff plan news:

• Trump’s tariff team studying gradual hikes of 2 to 5% per month
• USD losing ground on the ‘gradual’ tariff story

The USD is weaker on this catalyst. AUD/USD higher, for example:

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