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Key events on Tuesday - Westpac

FXStreet (Bali) - Sean Callow, FX Strategist at Westpac, reviews the day ahead in the FX market.

Key Quotes

"Australia’s calendar is limited to Aug private credit, where overall growth should be muted, housing picking up but nowhere near e.g. the 2003 surge that prompted a strong RBA response."

"Japan releases a flurry of Aug data today, with most interest in the preliminary reading on industrial production, where consensus is 0.2% m/m, -1.1% y/y. The Reserve Bank of India is expected to hold steady at 8.0% but the commentary will be of interest. China’s markets are open today but the next trading day is 8 October, as a full week of national holidays commences on Wed. If nothing else, this will freeze the pricing of spot iron ore, potential relief for AUD!"

"The US data calendar is worth noting. Most market-sensitive is Sep consumer confidence from the Conference Board, with expectations for little change from Aug’s 92.4, which was a high since Oct 2007. Presumably risks are to the downside. Also due are the Sep Chicago PMI, which consistently runs well above national surveys. The Aug headline of 64.3 is exceptionally strong. July house prices are also due, from S&P/Case-Shiller. Prices are seen up about 7% y/y, which would still leave them -15% versus the 2005 peak. This is the best measure of house prices but released after too long a lag to impact USD."

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