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Crowded US calendar ahead - Westpac

FXStreet (Bali) - Sean Callow, FX Strategist at Westpac, reviews the day ahead, highlighting the crowded US calendar.

Key Quotes

"Asia’s calendar is quiet though presumably we will finally see China’s Sep loans data, where consensus is CNY750bn. Eurozone final Sep CPI is due. Consensus is for it to be affirmed at 0.3% y/y but we note that the flash estimate was 0.25% so it would not take much revision to produce a 0.2% headline, which would upset EUR."

"The US data calendar is very crowded. First up it’s weekly jobless claims, seen ticking up to a still healthy 290k initial claims, 2.38mn continuing claims. Sep industrial production is expected to rebound from weakness in Aug, 0.4% overall and 0.3% for manufacturing, versus -0.1% and -0.4%. The often volatile Philly Fed manufacturing index is next, expected around +20 in Oct versus +22.5 in Sep, not far short of 3 year highs. Perhaps most interesting of all is the NAHB housing market index, expected steady in Oct at 59 (i.e. 59% of homebuilders see positive conditions). Finally on the data front, we will see the Treasury’s Aug capital flows (TIC) data."

"There is also a slew of Fedspeak. This includes a “public appearance” by Chair Yellen but she will not deliver a speech or answer media questions. Regional Fed presidents will range from eternal hawk Plosser to open-minded but recently somewhat bullish economy/hawkish rates Bullard to centrist Lockhart and ultra dove Kocherlakota."

AUD/USD remains contained below 0.8900

AUD/USD is trading at 0.8801, down -0.31% on the day, having posted a daily high at 0.8832 and low at 0.8797.
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