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9 Sep 2014
Australian data eyed - Westpac
FXStreet (Bali) - Sean Callow, FX Strategist at Westpac, reviews the Australian data coming up.
Key Quotes
"Australia’s data calendar holds moderate interest at 11:30am Syd/9:30am Sing/HK. Housing finance approvals are seen up 1% m/m in July (Jun +0.2%), with limited scope for surprise (compared to say building approvals) given known industry data. Any pickup in investment borrowing would be noted by the RBA. The NAB business survey has been trending higher since March, with July’s confidence reading of +11 very close to the election-driven 3 year high in Sep 2013. The conditions index is probably more important as a reading on the growth pulse. This index rose to +8 in July, a high since March 2010. The survey is not forecast but it is hard to see why it would deteriorate far enough to hurt AUD on the day."
"UK event risk extends beyond Scottish opinion polls: we will see Jul IP data, expected up 0.2% m/m total, manufacturing 0.3%. The US data calendar is low key: Aug NFIB small business optimism and Jul JOLTS job openings."
Key Quotes
"Australia’s data calendar holds moderate interest at 11:30am Syd/9:30am Sing/HK. Housing finance approvals are seen up 1% m/m in July (Jun +0.2%), with limited scope for surprise (compared to say building approvals) given known industry data. Any pickup in investment borrowing would be noted by the RBA. The NAB business survey has been trending higher since March, with July’s confidence reading of +11 very close to the election-driven 3 year high in Sep 2013. The conditions index is probably more important as a reading on the growth pulse. This index rose to +8 in July, a high since March 2010. The survey is not forecast but it is hard to see why it would deteriorate far enough to hurt AUD on the day."
"UK event risk extends beyond Scottish opinion polls: we will see Jul IP data, expected up 0.2% m/m total, manufacturing 0.3%. The US data calendar is low key: Aug NFIB small business optimism and Jul JOLTS job openings."