16 Feb 2015
Japan's growth, Greece debt main focus - Westpac
FXStreet (Bali) - Today's main focus will be the Japanese GDP Q4 release during Asian hours, while in Europe, Greece is the main topic, notes Sean Callow, FX Strategist at Westpac.
Key Quotes
"A quiet calendar in Australia this week, with the main event the RBA minutes on Tuesday. In Japan, we have GDP at 10:50am Syd/8:50am local. The market median is for a rebound of +0.9% from weak Q2 and Q3 prints, weighed by the introduction of the sales tax in April. This would bring annualised GDP to 3.7% from -1.9%. A recovery would encourage the BoJ to maintain policy, given its already-large QQE program."
"The Eurogroup meeting will start at 3pm Brussels, with Greece the main topic (Cyprus and Portugal are also on the agenda). We suspect some form of ‘fudge’ deal will be reached to maintain funding through the July and August bond maturities, though it seems it will take quite a bit more heated debate to reach that point. The US bonds and stock markets are closed for Presidents’ Day."
Key Quotes
"A quiet calendar in Australia this week, with the main event the RBA minutes on Tuesday. In Japan, we have GDP at 10:50am Syd/8:50am local. The market median is for a rebound of +0.9% from weak Q2 and Q3 prints, weighed by the introduction of the sales tax in April. This would bring annualised GDP to 3.7% from -1.9%. A recovery would encourage the BoJ to maintain policy, given its already-large QQE program."
"The Eurogroup meeting will start at 3pm Brussels, with Greece the main topic (Cyprus and Portugal are also on the agenda). We suspect some form of ‘fudge’ deal will be reached to maintain funding through the July and August bond maturities, though it seems it will take quite a bit more heated debate to reach that point. The US bonds and stock markets are closed for Presidents’ Day."