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Key events on Thursday - Westpac

FXStreet (Bali) - Sean Callow, FX Strategist at Westpac, breaks down the most relevant data to keep an eye on for Thursday.

Key Quotes

"Australia’s low key data week continues with Q3 import and export prices (11:30am Syd/8:30am Sing/HK). We look for a notable deterioration in the terms of trade, with export prices -4.8% q/q, imports -0.3%. The RBNZ’s Sep FX reserves are due at 1pm Syd/9am Sing/HK. Aug showed –NZD521mn net sales of kiwi. Asia’s calendar is quiet, limited to S Korea Sep industrial production."

"The European data calendar holds some interest. UK Oct house prices from Nationwide are seen up 8.5% y/y. Germany is expected to post a small increase in the number of unemployed, +4k after a 12k gain in Sep but with the unemployment rate to stay at 6.7%. German preliminary Oct CPI is also due, seen -0.1% m/m, 0.9% y/y."

"The US releases weekly jobless claims but obviously all eyes are on the first reading on Q3 GDP. The report always has plenty of potential to surprise. Consensus is 3.0% q/q annualized (Westpac 2.7%), after the 4.6% Q2 bounce which owed much to the low base of -2.1% in Q1. We expect Q3 to reveal slower consumption spending, little change in housing construction growth and no large contribution from net exports or government. USD and yields should react fairly sharply to the divergence from 3.0%."

South Korea Industrial Output (YoY) up to 1.9% in September from previous -2.8%

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