11 Mar 2015
Key events ahead - Westpac
FXStreet (Bali) - Sean Callow, FX Strategist at Westpac, breaks down the key data releases for the day ahead.
Key Quotes
"In Australia we have the Mar Westpac consumer index at 10:30am Syd/7:30am Sing/HK. Feb saw an 8% jump in the index, optimists outnumbering pessimists for the first time since Feb 2014, driven by the RBA cut and falling petrol prices. Since then, petrol prices have risen and the RBA left rates on hold in their Mar meeting though adopted an easing bias. While equities have gained, ongoing political uncertainty should continue to weigh. We will also see Jan housing finance at 11:30am Syd/8:30am Sing/HK. Our forecast is in line with consensus at -2.0%, with industry data pointing to a dip in owner-occupier approvals. The strong start to auction markets in 2015 suggests that investor activity remains buoyant."
"China will release Jan-Feb retail sales, industrial production and fixed assets investment at 4:30pm Syd/1:30pm local. These are all expected to soften, with IP falling from 7.9% to 7.7%. The majority of forecasters are expecting Bank of Thailand to keep rates on hold at 2%, though there are some calling for a cut to 1.75%."
"UK Jan Industrial production is expected to recover 0.2%m/m after the last print of -0.2%. Momentum however is limited, given soft growth in the eurozone and the weak euro."
Key Quotes
"In Australia we have the Mar Westpac consumer index at 10:30am Syd/7:30am Sing/HK. Feb saw an 8% jump in the index, optimists outnumbering pessimists for the first time since Feb 2014, driven by the RBA cut and falling petrol prices. Since then, petrol prices have risen and the RBA left rates on hold in their Mar meeting though adopted an easing bias. While equities have gained, ongoing political uncertainty should continue to weigh. We will also see Jan housing finance at 11:30am Syd/8:30am Sing/HK. Our forecast is in line with consensus at -2.0%, with industry data pointing to a dip in owner-occupier approvals. The strong start to auction markets in 2015 suggests that investor activity remains buoyant."
"China will release Jan-Feb retail sales, industrial production and fixed assets investment at 4:30pm Syd/1:30pm local. These are all expected to soften, with IP falling from 7.9% to 7.7%. The majority of forecasters are expecting Bank of Thailand to keep rates on hold at 2%, though there are some calling for a cut to 1.75%."
"UK Jan Industrial production is expected to recover 0.2%m/m after the last print of -0.2%. Momentum however is limited, given soft growth in the eurozone and the weak euro."