Look beyond ordinary analysis
Analysts at Westpac offered an economic wrap.
“US private sector payrolls (ADP) grew 216k (vs 170k expected). Personal income rose 0.6% in Oct (vs 0.4% expected). The core PCE deflator remained steady at 1.7% yoy.
The MNI-Chicago business barometer jumped from 50.6 to 57.6 (52.5 expected) – the highest reading since Jan 2015, with post-election sentiment probably playing a part.
The Fed’s Beige Book of regional economic conditions said the economy expanded at a modest to moderate pace in most regions from early October through mid-November, as expected.
Economic Event Risks Today
NZ terms of trade for Q3 should show a slight deterioration driven by the earlier weakness in export prices.
Australian CAPEX: mining and commercial building weakness should result in a 5% decline in Q3 although equipment spending should rise 0.5%. On 2016/17 plans, the estimate 3 three months ago was 9.1% – below estimate-three a year ago.
China PMIs have carried a more positive tone of late, with services continuing to lead manufacturing. CNY weakness vs USD has helped but the TWI has been stable. PMIs elsewhere in Asia and Europe are also due.
US ISM manufacturing survey should continue pointing to moderate growth in the sector. In the coming months, the USD’s rise will test.”
Source: Fx News
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