Economic wrap: eyes on RBA, expected to hold - Westpac

Analysts at Westpac offered an economic wrap.

Key Quotes:

US services ISM rose from 54.8 to 57.2 – the fastest pace of expansion since October 2015. The Fed’s labour market conditions index rose from an upwardly revised 1.4 to 1.5 (0.2 expected). This composite indicator of known data continues to show the labour market in good health.

Economic Event Risks Today

The RBA today is widely expected to remain on hold and retain its neutral stance. While growth conditions have softened slightly, prospects for 2017 remain constructive.

There’s plenty of US data tonight, second-tier, with Oct factory orders perhaps the highlight.

The first GDT dairy auction in Dec should be another positive affair, futures pricing a 3% rise in WMP prices.