Forex News Preview: Australia WMI Consumer Confidence

The WMI Consumer Sentiment Indicator will be released at 8:30 PM EDT.  This index, like the Business Confidence counterpart which was released on Sunday, is also been on a downward trend.  Last month the sentiment index fell 1.3% to 87.4, the lowest level since June 1993.  A reading below 100 indicates pessimists outnumber optimists.   On Sunday evening, the National Australia Bank’s Business Confidence index fell to -8 from -4.  This was the 4^th straight decline signaling that the rise in interest rates is starting to have an effect on business.  Given the decline business sentiment, the expectation would be for the Consumer Sentiment to do the same.