30 Jan 2014
Flash: Final China HSBC PMI eyed - Westpac
FXstreet.com (Bali) - Australia’s data slate shouldn’t impact AUD though there should be at least passing interest in Q4 export and import prices, notes Sean Callow, FX Strategist at Westpac.
Key Quotes
"Consensus is +2% on import prices, -0.2% on export prices, implying a clear fall in the terms of trade but Westpac expects -0.7% on import prices, -0.7% on exports i.e. neutral."
"At 12:45pm Syd/9:45am local we see the final reading on the China Jan manufacturing PMI from Markit/HSBC. The ‘flash’ estimate of course was a disappointing 49.6 versus 50.5 Dec final. Revisions are normally <0.3ppt but occasionally surprise (Sep 2013 was slashed 1ppt)."
"The advance reading on US Q4 GDP should dominate the London session. After the steep 4.1% annualized growth pace in Q3, a reading around consensus of 3.2% would be a great follow-up, brushing aside the government shutdown at the start of the quarter. Westpac expects a sub-consensus reading. Also on the slate but overshadowed are weekly jobless claims and Dec pending home sales, another series potentially set to be hurt by harsh weather."
Key Quotes
"Consensus is +2% on import prices, -0.2% on export prices, implying a clear fall in the terms of trade but Westpac expects -0.7% on import prices, -0.7% on exports i.e. neutral."
"At 12:45pm Syd/9:45am local we see the final reading on the China Jan manufacturing PMI from Markit/HSBC. The ‘flash’ estimate of course was a disappointing 49.6 versus 50.5 Dec final. Revisions are normally <0.3ppt but occasionally surprise (Sep 2013 was slashed 1ppt)."
"The advance reading on US Q4 GDP should dominate the London session. After the steep 4.1% annualized growth pace in Q3, a reading around consensus of 3.2% would be a great follow-up, brushing aside the government shutdown at the start of the quarter. Westpac expects a sub-consensus reading. Also on the slate but overshadowed are weekly jobless claims and Dec pending home sales, another series potentially set to be hurt by harsh weather."