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Key events ahead - Westpac

FXStreet (Bali) - Sean Callow, FX Strategist at Westpac, breaks down the main events for Wednesday, including Australian construction word done, Westpac MNI China consumer sentiment, and a crowded US calendar, with PCE deflator as the standout.

Key Quotes

"Australia’s data drought ends today with Q3 construction work done, the first of the inputs to Q3 GDP due next Wed (11:30am Syd/8:30am Sing/HK). We look for -1.8% q/q, with declining mining and public investment partially offset by higher residential construction."

"The Westpac MNI China consumer sentiment index for Nov is due at 12:45pm Syd/9:45am local. Consumers were gloomy in Oct (110.9 headline). This survey was completed before Friday’s PBoC rate cut. The Asian calendar is otherwise low key."

"The US data calendar is crowded ahead of what will be a disappearance of liquidity into Thursday’s Thanksgiving holiday. Oct durable goods should rise about 0.5% ex-transport, jobless claims are seen a bit lower w/w and the Fed’s preferred inflation measure, core PCE deflator, steady at 1.5% y/y in Oct. The Nov Chicago PMI should fall somewhat from Oct’s extraordinary 66.2 while both new home sales and pending home sales should have risen modestly in Oct. The final Nov U Michigan consumer sentiment is also on the slate."

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