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4 Nov 2013
Flash: A busy week of Australian data - Westpac
FXstreet.com (Barcelona) - A busy week of Australian economic indicators and a Central Bank meeting kicks off with most eyes on September retail sales (8.30GMT), notes Sean Callow, FX Strategist at Westpac.
Key Quotes
"Retail sales have grown by just 2.6% y/y YTD, 2.3% y/y in August, only roughly matching inflation and very soft when adjusted for population growth."
"While consumer sentiment bounced after the election on 7 Sep, there is little conviction that this will translate to a burst of spending. Westpac agrees with consensus for 0.4% m/m in Sep, the reading that normally impact AUD most."
"We are slightly above the 0.2% q/q median on inflation-adjusted Q3 sales, looking for 0.3%. Also due are Oct inflation gauge from TD, Oct ANZ job ads and Q3 house prices, a measure we place little weight on given it doesn't include units and apartments."
"Japan is closed for a holiday today while the calendar in the rest of Asia is low key. In Europe we will see the final readings on Oct PMIs , with EUR probably sensitive to any downward revisions, as the ECB meeting on Thursday looms. The US (where clocks were turned back over the weekend) sees the release of Aug and Sep factory orders, in a post-shutdown backlog."
Key Quotes
"Retail sales have grown by just 2.6% y/y YTD, 2.3% y/y in August, only roughly matching inflation and very soft when adjusted for population growth."
"While consumer sentiment bounced after the election on 7 Sep, there is little conviction that this will translate to a burst of spending. Westpac agrees with consensus for 0.4% m/m in Sep, the reading that normally impact AUD most."
"We are slightly above the 0.2% q/q median on inflation-adjusted Q3 sales, looking for 0.3%. Also due are Oct inflation gauge from TD, Oct ANZ job ads and Q3 house prices, a measure we place little weight on given it doesn't include units and apartments."
"Japan is closed for a holiday today while the calendar in the rest of Asia is low key. In Europe we will see the final readings on Oct PMIs , with EUR probably sensitive to any downward revisions, as the ECB meeting on Thursday looms. The US (where clocks were turned back over the weekend) sees the release of Aug and Sep factory orders, in a post-shutdown backlog."