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4 Jun 2014
Australian Q1 GDP eyed - Westpac
FXStreet (Bali) - Sean Callow, FX Strategist at Westpac, comments on the upcoming Australian Q1 GDP release.
Key Quotes
"Australia’s Q1 GDP report is shaping up as the strongest since Q1 2012 (11:30am Syd/9:30am Sing/HK). The various surveys over the past week (construction, capex, inventories, net exports, public finance etc) have seen Westpac raise its forecast to 1.1% q/q, 3.4% y/y."
"Bloomberg still lists 0.9% q/q as the median forecast but those who produced updated forecasts after the upside surprise on net exports are mostly above this."
"The key growth drivers should be exports, consumption and residential construction, with business investment near flat, govt spending and inventories detracting."
"As always, the lag between the end of the quarter and the data causes some to try to dismiss the report as old news. Yet it will be watched closely by the RBA and has a history of impacting AUD. Each GDP release over the past year has moved AUD/USD by between 0.2% and 0.7%."
Key Quotes
"Australia’s Q1 GDP report is shaping up as the strongest since Q1 2012 (11:30am Syd/9:30am Sing/HK). The various surveys over the past week (construction, capex, inventories, net exports, public finance etc) have seen Westpac raise its forecast to 1.1% q/q, 3.4% y/y."
"Bloomberg still lists 0.9% q/q as the median forecast but those who produced updated forecasts after the upside surprise on net exports are mostly above this."
"The key growth drivers should be exports, consumption and residential construction, with business investment near flat, govt spending and inventories detracting."
"As always, the lag between the end of the quarter and the data causes some to try to dismiss the report as old news. Yet it will be watched closely by the RBA and has a history of impacting AUD. Each GDP release over the past year has moved AUD/USD by between 0.2% and 0.7%."