May 13, 2013
Forex Flash: AUD - a snap shot pre dating RBA cut – TD Securities
FXstreet.com (London) - Alvin Pontoh, Asia-Pacific Macro Strategist, FX & Rates Strategy at TD Securities notes that The number of home loan commitments (owner-occupiers) jumped +5.2% m/m in March (mkt: +4%, TD +5%) to be up +6.3% y/y. He wrote that investment lending rose +2.1% in March, to be up 21.3% compared with a year ago. He explains that one month of data certainly does not make a trend, but the outcome is encouraging and suggests that credit flow rebounded in Q1. Separately, he states, the April NAB business survey revealed that conditions remained tough for businesses (-6, from -7), while confidence worsened from already below average levels (-2, from +2).