Thursday, April 09, 2009

Is Australia Turning Around?

More good news for Australia's economy - and the Australian dollar.

This builds upon our review yesterday of the Australian dollar's attractive prospects. The A$ is up $0.112 as I write, currently sitting at $0.7163.

From Everbank's Chuck Butler:

Down Under... Australia saw Consumer Confidence rebound for the first time this year... Here's the skinny... The Westpac-Melbourne Institute index of consumer sentiment rose 8.3 per cent to 92.7 points, from 85.6 points in March.

However, the index remains below 100 points, signaling pessimists are outweighing optimists, for the 15th month in a row.

Westpac chief economist Bill Evans said the result was "surprisingly strong" and followed a month of more positive economic news and a rise in the Australian dollar exchange rate and the stock market.

Just another brick in the wall... All in all, it's just another, brick in the wall... OK, what am I talking about here? I'm just infusing some Pink Floyd into my recent thoughts that Australia "may" be turning the corner... I also received a note from a reader that was traveling in Australia. The reader mentioned that they are not seeing the financial panic there... So... Some news from a correspondent on the road!


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