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Australian data eyed - Westpac

FXStreet (Bali) - Sean Callow, FX Strategist at Westpac, reviews the busy day ahead, highlighting Australian local data as well as the ECB meeting.

Key Quotes

Australia releases Aug readings on the trade balance and building approvals at 11:30am Syd/9:30am Sing. Both releases have the potential to move AUD by say 20-30 pips. Building approvals are obviously vital in terms of addressing high house prices, by boosting supply rather than regulators or the RBA trying to crimp demand. The 2013-14 surge in approvals has softened in recent months but was still 9.4% y/y in July. Consensus is +1% but Westpac looks for -2.5%, noting the unusually large rise in approvals of units in WA, setting a rather high base for August. The range is -3% to +4%.

Australia’s Q1 trade surpluses seem like a distant memory, with deficits averaging –A$1.5bn from Apr to Jul. We look for another wide deficit in Aug, -0.9bn, though this is at least an improvement on the month, driven by a sharper fall in imports (-2.4%) than in exports (-0.9%). Note that goods imports have already been reported at -3.1%. Export volumes are likely to be flat, prices down slightly.Asia’s data calendar is very quiet. Hong Kong and mainland China remain closed. The US data calendar is second tier.

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