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10 Apr 2015
Australian Feb housing finance, China inflation eyed - Westpac
FXStreet (Bali) - Australian Feb housing finance and China's inflation data re the key events to monitor during the Asia , notes Sean Callow, FX Strategist at Westpac.
Key Quotes
"Australian Feb housing finance will be released at 11:30am Syd/9:30am Sing/HK. Westpac is expecting 2.0%m/m, a little lower than the 3.0% market median. Auction markets in 2015 opened strongly, with clearance rates in Sydney and Melbourne surging. Industry data suggests that housing finance to owner occupiers firmed in Feb, after falling by 3.5% in Jan. We are expecting a 2% rise in owner-occupier approvals. Investor approvals will be of interest given the new regulatory measures designed to contain lending growth in this segment."
"China will release Mar CPI and PPI at 1:30pm Syd/11:30am local. CPI is expected to tick lower to 1.3%y/y from 1.4%, with food prices the main driver of inflation. The consensus forecast is for PPI to remain at -4.8%y/y, as deflation in raw materials and intermediate goods deepen. We will also see India Feb industrial production."
"The market median for UK Feb IP is for a rise of 0.3%m/m. Recent PMI readings have been in the mid-50s and imply moderate growth. US Mar import prices will give us an update of the impact of the strong US dollar. The market is forecasting -0.4%m/m and -10.2% y/y. The Fed's Lacker (hawk) and Kocherlakota (dove) are due to speak."
"Canada Mar employment numbers will be released. Job growth has slowed sharply in the latest four months, and net change in employment is expected to be zero."
Key Quotes
"Australian Feb housing finance will be released at 11:30am Syd/9:30am Sing/HK. Westpac is expecting 2.0%m/m, a little lower than the 3.0% market median. Auction markets in 2015 opened strongly, with clearance rates in Sydney and Melbourne surging. Industry data suggests that housing finance to owner occupiers firmed in Feb, after falling by 3.5% in Jan. We are expecting a 2% rise in owner-occupier approvals. Investor approvals will be of interest given the new regulatory measures designed to contain lending growth in this segment."
"China will release Mar CPI and PPI at 1:30pm Syd/11:30am local. CPI is expected to tick lower to 1.3%y/y from 1.4%, with food prices the main driver of inflation. The consensus forecast is for PPI to remain at -4.8%y/y, as deflation in raw materials and intermediate goods deepen. We will also see India Feb industrial production."
"The market median for UK Feb IP is for a rise of 0.3%m/m. Recent PMI readings have been in the mid-50s and imply moderate growth. US Mar import prices will give us an update of the impact of the strong US dollar. The market is forecasting -0.4%m/m and -10.2% y/y. The Fed's Lacker (hawk) and Kocherlakota (dove) are due to speak."
"Canada Mar employment numbers will be released. Job growth has slowed sharply in the latest four months, and net change in employment is expected to be zero."