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12 Nov 2014
Key events on Wednesday - Westpac
FXStreet (Bali) - Sean Callow, FX Strategist at Westpac, breaks down the key events for Wednesday.
Key Quotes
"At 10:30am Syd/7:30am Sing/HK we see Australian Nov consumer sentiment. In Oct, the headline index was in ‘cautiously pessimistic’ territory at 94.8. This survey was conducted Nov 3-8 and is important as retailing heads into its seasonal peak."
"An hour later we see the Q3 wage price index. Consensus is 0.6% q/q, 2.6% y/y, unchanged from Q2 and the equal lowest pace of wages growth since the series began in 1998. Westpac looks for just 0.5% q/q. In Friday’s quarterly statement, the RBA said “wage growth remains low, which is in line with a degree of spare capacity in the labour market.” Any upside surprise in Q3 is likely to be viewed as an aberration, with unemployment at highs since 2002."
"India’s Oct CPI (f/c 5.7%) is most notable in Asia, with Sep IP also due. China loans data remains due some time this week."
"The UK calendar presents a great deal of event risk to sterling. First up it’s Oct jobless claims, seen -20k. The internationally comparable unemployment rate for Sep is expected to dip to 5.9% from 6.0%, with the 3mth jobs change up 125k (median, 146k for Westpac). Fed’s Plosser and colleague Kocherlakota (dove) are due to speak."
Key Quotes
"At 10:30am Syd/7:30am Sing/HK we see Australian Nov consumer sentiment. In Oct, the headline index was in ‘cautiously pessimistic’ territory at 94.8. This survey was conducted Nov 3-8 and is important as retailing heads into its seasonal peak."
"An hour later we see the Q3 wage price index. Consensus is 0.6% q/q, 2.6% y/y, unchanged from Q2 and the equal lowest pace of wages growth since the series began in 1998. Westpac looks for just 0.5% q/q. In Friday’s quarterly statement, the RBA said “wage growth remains low, which is in line with a degree of spare capacity in the labour market.” Any upside surprise in Q3 is likely to be viewed as an aberration, with unemployment at highs since 2002."
"India’s Oct CPI (f/c 5.7%) is most notable in Asia, with Sep IP also due. China loans data remains due some time this week."
"The UK calendar presents a great deal of event risk to sterling. First up it’s Oct jobless claims, seen -20k. The internationally comparable unemployment rate for Sep is expected to dip to 5.9% from 6.0%, with the 3mth jobs change up 125k (median, 146k for Westpac). Fed’s Plosser and colleague Kocherlakota (dove) are due to speak."