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Aus housing finance, UK trade, Canada employment up next - Westpac

FXStreet (Bali) - Sean Callow, FX Strategist at Westpac, reviews the key events for the day ahead, with the Asiann session showing a light calendar ahead of the UK trade and Canadian jobs.

Key Quotes

At 11:30am Syd/8:30am Sing/HK we see Australia’s Aug housing finance data. The headline is the number of approvals, which Westpac sees flat, consensus 0.2% m/m and not a large risk of surprise given known banking sector data. But the RBA will be more interested in the update on the value of investor housing, which was up 6.8% m/m, nearly 30% y/y in July.

In Asia we will see Aug industrial production in both India and Malaysia and Philippines Aug exports. China’s Sep lending data is due from today to 15 Oct, usually released at the latter end of the multi-day window.

In the UK we will see Aug trade and construction data. Canada releases Sep employment data, with the monthly seesaw expected to produce +20k versus -11k in Aug and a steady unemployment rate at 7.0%.

The US data calendar is limited to Sep import prices, though these are more interesting than usual given the FOMC’s increased concern over the price-dampening impact of a stronger USD. Indeed consensus is -1.4% y/y, which would be the softest reading since Nov 2013. We will hear a lot more from the Fed, though it should all sound the same, as the slate is a clean sweep of hawks: Plosser, George, Fisher and Lacker.

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