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10 Dec 2014
Key events on Wednesday - Westpac
FXStreet (Bali) - Sean Callow, FX Strategist at Westpac, breaks down the key events for Wednesday.
Key Quotes
At 10:30am Syd/7:30am Sing/HK we will see the Dec reading on Australian consumer sentiment from Westpac & Melbourne Institute. The Nov survey registered a 1.9% rise to 96.6, a long way short of the 110 levels late 2013 and also the 20 year average of 105.1. The survey period includes the release of the disappointing Q3 GDP data, so it is hard to see the mood improving.
"Oct housing finance approvals are due at 11:30am Syd/8:30am Sing/HK. The headline reading should be about flat m/m but more interesting are the details, where loans for new construction were up an encouraging 11% y/y in Sep while investor loans had risen a rather less welcome 25% y/y."
"China’s Nov CPI and PPI are due at 12:30pm Syd/9:30am local. Low inflation helped pave the way for last month’s PBoC rate cut. Consensus is for inflation to remain at 1.6% y/y, a long way below the 3.5% target for 2014 though surely risks are to the downside. The PPI has been negative in y/y terms since March 2012 and will remain so for some time as commodity prices (especially fuel) slide. Consensus is -2.4% for Nov."
"The UK should report another large trade deficit in Oct while the US calendar is limited to Oct budget position (also a hefty deficit)."
Key Quotes
At 10:30am Syd/7:30am Sing/HK we will see the Dec reading on Australian consumer sentiment from Westpac & Melbourne Institute. The Nov survey registered a 1.9% rise to 96.6, a long way short of the 110 levels late 2013 and also the 20 year average of 105.1. The survey period includes the release of the disappointing Q3 GDP data, so it is hard to see the mood improving.
"Oct housing finance approvals are due at 11:30am Syd/8:30am Sing/HK. The headline reading should be about flat m/m but more interesting are the details, where loans for new construction were up an encouraging 11% y/y in Sep while investor loans had risen a rather less welcome 25% y/y."
"China’s Nov CPI and PPI are due at 12:30pm Syd/9:30am local. Low inflation helped pave the way for last month’s PBoC rate cut. Consensus is for inflation to remain at 1.6% y/y, a long way below the 3.5% target for 2014 though surely risks are to the downside. The PPI has been negative in y/y terms since March 2012 and will remain so for some time as commodity prices (especially fuel) slide. Consensus is -2.4% for Nov."
"The UK should report another large trade deficit in Oct while the US calendar is limited to Oct budget position (also a hefty deficit)."