Australia: Consumer Confidence dropped 3% in July - TDS

Research Team at TDS, notes that the Australia’s July Consumer Confidence dropped 3% to below 100.

Key Quotes

“All sub components fell except ‘Economy 5 years ahead (+0.1%). The fall on the headline index is not a complete surprise given the election outcome was unknown at the time of the survey.

Cleveland Fed President Mester spoke to the Australian Business Economists today. Main takeaways - every meeting is on the table, does not expect to add more accommodation to the market, but do have scope for more QE and does not support negative interest rates. On Brexit she said it is ‘too soon to judge the full magnitude’ of Brexit on the US, but for now the markets have handled the vote in an ‘orderly manner’.”