On Wednesday, Australian Consumer Sentiment posted a modest gain of 0.2%, bouncing back after a sharp decline of 5.6% a month earlier. This was welcome news, as the consumer confidence indicator posted only its second gain of the year. Earlier in the week, CPI jumped 2.5% in May, a four-month high. The strong reading edged above the estimate of 2.4%. NAB Business Confidence came in at 7 points, as the indicator continues to move upwards. Meanwhile, ANZ Job Advertisements took a tumble, posting a sharp decline of 5.6%, its worst showing in three years. We could see some stronger movement on Thursday, with the release of Employment Change and the Unemployment Rate.
There was more good news on the US employment front, as JOLTS Job Openings jumped to 4.46 million, up sharply from 4.01 million a month earlier. This easily beat the estimate of 4.04 million, and comes on the heels of a positive Nonfarm Payrolls last week. We’ll get a look at Unemployment Claims on Thursday, with the markets expecting a slight improvement compared to the previous release.