Australia Westpac Consumer Confidence up to 90.5% in February from previous -1.7%

💡 DMK Insight

Westpac’s Consumer Confidence surge to 90.5% is a game changer for traders: it signals a potential uptick in consumer spending and economic activity. This spike could influence the Australian dollar positively, especially if it leads to stronger retail sales in the coming months. Traders should keep an eye on the AUD/USD pair, as a sustained confidence level above 90 could push the currency towards resistance levels not seen in recent weeks. But here’s the flip side: if this confidence boost is short-lived, it could lead to a sharp correction, especially if inflation concerns resurface. Watch for key economic indicators like retail sales and employment figures in the next few weeks to gauge whether this confidence translates into real economic momentum.