Matthew Hassan, Research Analyst at Westpac, notes that Australia’s Westpac Melbourne Institute Index of Consumer Sentiment rose 3.9% to 106.1 in July from 102.1 in June. Key Quotes “The consumer mood showed a clear improvement in July.” “This is the eighth month in which the Index has been above 100, indicating optimists outnumber pessimists, a clear turnaround on the previous year in which 11 out of 12 readings were below 100.” “Despite the positive run, the overall level of sentiment is still not that strong – at 106.1, the July reading compares favourably to recent years but is still below the 108.3 average recorded over the ten years prior to the GFC, and peaks well above the 110 mark.” “The survey detail shows the latest lift in sentiment is being driven by growing optimism about the economy.” “Some of this lift likely reflects developments around tax policy with the Government’s multi-year tax cut package passing into legislation in June and the first round of relief coming into effect on July 1.” “The Reserve Bank Board next meets on August 7. The Governor has made it plain in recent comments that the official cash rate is unlikely to be changed any time soon. While the improved tone to sentiment this month will be a welcome shift given the Bank’s concerns about an uncertain outlook for the Australian consumer, the detail will be less comforting with family finances still under pressure, what had been a steady improvement in labour market expectations stalling, and further signs of weakness in housing-related sentiment. All up, a lift in consumer demand still looks unlikely near term.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US: Signs of underlying labor market strength – Nomura FX Street 4 years Matthew Hassan, Research Analyst at Westpac, notes that Australia's Westpac Melbourne Institute Index of Consumer Sentiment rose 3.9% to 106.1 in July from 102.1 in June. Key Quotes "The consumer mood showed a clear improvement in July." "This is the eighth month in which the Index has been above 100, indicating optimists outnumber pessimists, a clear turnaround on the previous year in which 11 out of 12 readings were below 100." "Despite the positive run, the overall level of sentiment is still not that strong - at 106.1, the July reading compares favourably to recent years but is still below… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.