28 May 2014
Key events on Wednesday - Westpac
FXStreet (Bali) - Sean Callow, FX Strategist at Westpac, walks us through the key events to watch for this Wednesday.
Key Quotes
"The first input to next Wednesday’s Australian GDP report is due at 11:30am Syd/9:30am Sing/HK: construction work done. The ongoing decline in mining-related infrastructure construction should outweigh the uptrend in residential building. We look for -0.8% q/q total, the median forecast is -0.5%. This series does not normally move AUD. Ahead of the other inputs due in coming days, we look for 0.8% q/q, 3.1% y/y on GDP, with net exports in particular shaping up as very strong, contributing 0.9 percentage points."
"At 11:45am Syd/9:45am local is the first Westpac-MNI China consumer sentiment index, for May. The survey has been running since 2007 but analysis is now provided by Westpac. The headline index was 117.3 in April but much of the value is in the detail, with several sub-indexes enjoying strong correlations with official data series such as industrial production, house prices and car sales."
"In Europe we will see May German unemployment (f/c -15k jobless, 6.7% unemployment rate) and Eurozone May business and consumer sentiment surveys. The US data calendar is quiet."
Key Quotes
"The first input to next Wednesday’s Australian GDP report is due at 11:30am Syd/9:30am Sing/HK: construction work done. The ongoing decline in mining-related infrastructure construction should outweigh the uptrend in residential building. We look for -0.8% q/q total, the median forecast is -0.5%. This series does not normally move AUD. Ahead of the other inputs due in coming days, we look for 0.8% q/q, 3.1% y/y on GDP, with net exports in particular shaping up as very strong, contributing 0.9 percentage points."
"At 11:45am Syd/9:45am local is the first Westpac-MNI China consumer sentiment index, for May. The survey has been running since 2007 but analysis is now provided by Westpac. The headline index was 117.3 in April but much of the value is in the detail, with several sub-indexes enjoying strong correlations with official data series such as industrial production, house prices and car sales."
"In Europe we will see May German unemployment (f/c -15k jobless, 6.7% unemployment rate) and Eurozone May business and consumer sentiment surveys. The US data calendar is quiet."