Australian Dollar Rallies as Consumer Sentiment Improves



General Sir John Monash on Australian 100-dollar billThe Australian dollar rallied today as the consumer sentiment improved, though it still was not particularly great.

The Westpac-Melbourne Institute Index of Consumer Sentiment rose 0.4% in July from in June. It was the first increase after three months of declines. Still, the report was not that great, saying:

 

This is the eighth consecutive month where the Index has printed below 100 indicating that pessimists continue to outnumber optimists. The Index is not sending encouraging signals about the outlook for consumer spending.

AUD/USD rose from 0.7634 to 0.7669 as of 13:58 GMT today, reaching the high of 0.7683 intraday. EUR/AUD dropped from 1.5009 to 1.4900.

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