31 Jan 2014
Flash: Key events for the day ahead - Westpac
FXstreet.com (Bali) - Sean Callow, FX Strategist at Westpac, walks us through the key events to keep an eye on for Friday.
Key Quotes
"RBNZ Governor Wheeler speaks to a business audience from 11am Syd. No topic is specified but some elaboration on yesterday’s statement seems likely. At 11:30am Syd we will see Australia’s Q4 PPI and Dec private credit data. Credit is seen up 0.4% m/m, 3.7% y/y, with housing credit still quite muted despite the strong rise in house prices. PPI should be completely ignored given we have seen CPI already."
"Most Asian markets are closed for lunar new year holidays, including China, Singapore, S Korea and Hong Kong. Thailand releases various Dec trade data. Despite Chinese markets being closed until 7 Feb, on Saturday the official China manufacturing PMI will be released. This is a much broader survey of manufacturing firms, sampling 3000 versus around 420 for the HSBC/Markit version. Consensus for Jan is 50.5 versus 51.0 in Dec. This series has been sluggish for some time but has not printed below 50 since Sep 2012."
"In Europe there will be close interest in the Eurozone Jan CPI, ahead of next week’s ECB meeting. Consensus is 0.9% y/y versus 0.8% in Dec but there will be tension given Germany’s preliminary reading of -0.6% m/m, 1.3% y/y versus 1.5% consensus. Also due are German Dec retail sales and Eurozone unemployment, likely to be steady at a euro era record 12.1%."
"The US data calendar is busy again, with particular interest in the Fed’s preferred inflation measure, core PCE deflator for Dec. Expectations are for 1.2% y/y. The Jan Chicago PMI is also due (f/c a robust 59.0) plus Q4 employment costs and final U Michigan consumer sentiment."
Key Quotes
"RBNZ Governor Wheeler speaks to a business audience from 11am Syd. No topic is specified but some elaboration on yesterday’s statement seems likely. At 11:30am Syd we will see Australia’s Q4 PPI and Dec private credit data. Credit is seen up 0.4% m/m, 3.7% y/y, with housing credit still quite muted despite the strong rise in house prices. PPI should be completely ignored given we have seen CPI already."
"Most Asian markets are closed for lunar new year holidays, including China, Singapore, S Korea and Hong Kong. Thailand releases various Dec trade data. Despite Chinese markets being closed until 7 Feb, on Saturday the official China manufacturing PMI will be released. This is a much broader survey of manufacturing firms, sampling 3000 versus around 420 for the HSBC/Markit version. Consensus for Jan is 50.5 versus 51.0 in Dec. This series has been sluggish for some time but has not printed below 50 since Sep 2012."
"In Europe there will be close interest in the Eurozone Jan CPI, ahead of next week’s ECB meeting. Consensus is 0.9% y/y versus 0.8% in Dec but there will be tension given Germany’s preliminary reading of -0.6% m/m, 1.3% y/y versus 1.5% consensus. Also due are German Dec retail sales and Eurozone unemployment, likely to be steady at a euro era record 12.1%."
"The US data calendar is busy again, with particular interest in the Fed’s preferred inflation measure, core PCE deflator for Dec. Expectations are for 1.2% y/y. The Jan Chicago PMI is also due (f/c a robust 59.0) plus Q4 employment costs and final U Michigan consumer sentiment."