8 Jun 2015
Key events ahead in Australia: Labour data and RBA Governor Stevens speech – DB
FXStreet (Barcelona) - Darren Gibbs, Chief Economist at Deutsche Bank, previews the key data releases and events in Australia for the week ahead.
Key Quotes
“The highlight in the week ahead will be the May labour force data, due Thursday. We look for a 20k gain in employment, consistent with a recent tick-up in our monthly labour force tracker, as well as some rebound after the weak outturn for April (likely in our view influenced by the timing of Easter in the month).”
“We also expect the unemployment rate to ‘round down’ to 6.1% in May (unemployment only just rounded up to 6.2% in April). The week ahead also sees the latest round of consumer and business surveys.”
“The NAB business survey for May is due Tuesday, and the Westpac-Melbourne Institute consumer sentiment survey for June is due Wednesday. Recall that consumer sentiment registered a strong 6.4%mom rise in May (coinciding with the release of the Federal Budget). Following a similar post-budget bounce, the weekly Roy Morgan consumer confidence survey has moved broadly sideways in recent weeks.”
“Focus will also turn in the week ahead to a speech on Wednesday by RBA Governor Glenn Stevens. While a topic for the Governor’s remarks was not available at the time of writing, this event provides a timely opportunity for the Governor to expand on the Bank’s current thinking, especially in the wake of the ‘neutral’ forward guidance in the June RBA post-meeting statement.”
Key Quotes
“The highlight in the week ahead will be the May labour force data, due Thursday. We look for a 20k gain in employment, consistent with a recent tick-up in our monthly labour force tracker, as well as some rebound after the weak outturn for April (likely in our view influenced by the timing of Easter in the month).”
“We also expect the unemployment rate to ‘round down’ to 6.1% in May (unemployment only just rounded up to 6.2% in April). The week ahead also sees the latest round of consumer and business surveys.”
“The NAB business survey for May is due Tuesday, and the Westpac-Melbourne Institute consumer sentiment survey for June is due Wednesday. Recall that consumer sentiment registered a strong 6.4%mom rise in May (coinciding with the release of the Federal Budget). Following a similar post-budget bounce, the weekly Roy Morgan consumer confidence survey has moved broadly sideways in recent weeks.”
“Focus will also turn in the week ahead to a speech on Wednesday by RBA Governor Glenn Stevens. While a topic for the Governor’s remarks was not available at the time of writing, this event provides a timely opportunity for the Governor to expand on the Bank’s current thinking, especially in the wake of the ‘neutral’ forward guidance in the June RBA post-meeting statement.”