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3 Jun 2015
Key events ahead: Aussie GDP and Draghi - Westpac
FXStreet (Guatemala) - Sean Callow, analyst at Westpac Banking Corporation noted the key events coming up.
Key Quotes:
"Australia Q1 GDP will be released at 11:30am Syd/9:30am Sing/HK. Westpac is expecting 0.7%q/q, 2.1%y/y. Our forecast was adjusted higher after the upside surprise to net exports data yesterday, and is in line with market consensus as other forecasters also revised their estimates."
"This would still be a soft print with annual output growth slowing from 2.5%, below the trend pace of around 3.0/3.25%. Consumer spending is key, and we anticipate a lukewarm 0.7% q/q. The RBA has noted improvement in household spending in recent meetings so a downside surprise could have an impact on policy discussions."
"The Asia calendar is limited to China May services PMI, which is likely to have little or no impact on markets."
"The ECB will announce its policy decision where the focus will be on the press conference. We are expecting Draghi to reiterate their intent to persist with their asset purchase program, with inflation still far from their target."
"US ADP private payrolls are expected to show a 200k gain after last month’s 169k. ISM non-manufacturing has printed robust outcomes through 2015, despite the manufacturing ISM being weighed by the stronger USD and weak oil price. The market is expecting a still strong reading of 57.0 after 57.8 in Apr; the USD should begin to have some impact. The Mar trade balance showed the largest deficit since 2008. Apr data is expected to improve slightly to -$44.0bn, with the US dollar still having a notable impact."
Key Quotes:
"Australia Q1 GDP will be released at 11:30am Syd/9:30am Sing/HK. Westpac is expecting 0.7%q/q, 2.1%y/y. Our forecast was adjusted higher after the upside surprise to net exports data yesterday, and is in line with market consensus as other forecasters also revised their estimates."
"This would still be a soft print with annual output growth slowing from 2.5%, below the trend pace of around 3.0/3.25%. Consumer spending is key, and we anticipate a lukewarm 0.7% q/q. The RBA has noted improvement in household spending in recent meetings so a downside surprise could have an impact on policy discussions."
"The Asia calendar is limited to China May services PMI, which is likely to have little or no impact on markets."
"The ECB will announce its policy decision where the focus will be on the press conference. We are expecting Draghi to reiterate their intent to persist with their asset purchase program, with inflation still far from their target."
"US ADP private payrolls are expected to show a 200k gain after last month’s 169k. ISM non-manufacturing has printed robust outcomes through 2015, despite the manufacturing ISM being weighed by the stronger USD and weak oil price. The market is expecting a still strong reading of 57.0 after 57.8 in Apr; the USD should begin to have some impact. The Mar trade balance showed the largest deficit since 2008. Apr data is expected to improve slightly to -$44.0bn, with the US dollar still having a notable impact."