25 Jun 2014
RBA's Lowe, China cons conf eyed - Westpac
FXStreet (Bali) - Westpac FX Team outlines RBA's Deputy Governor Lowe speech and the Westpac MNI China consumer confidence as the main events for today's Asian session.
Key Quotes
"In Australia, we have RBA Deputy Governor Lowe moderating a panel on the G20 on "Meeting global challenges". It is uncertain whether he will be making opening remarks or if there will be a Q&A."
"Today's session will be dominated by the Westpac MNI China consumer confidence survey which will be released at 11:45am Syd. The last print was at 121.2. We continue to highlight the lead indicator properties that this survey has with other measures of activity in China."
"The only other leading indicator in the public domain for June is the HSBC flash PMI which showed further improvement in the inventory situation. However consumers don’t necessarily respond the same way as manufacturers do to short term inventory on a month-to-month basis. Rather, they will be reacting to labour market conditions, which have been choppy, and house price expectations. Note last month the Chinese consumer appeared to be looking through recent updates on house prices."
"The Westpac MNI China Consumer Sentiment Index is the best indicator of how ordinary people think about the housing market, rather than international media."
Key Quotes
"In Australia, we have RBA Deputy Governor Lowe moderating a panel on the G20 on "Meeting global challenges". It is uncertain whether he will be making opening remarks or if there will be a Q&A."
"Today's session will be dominated by the Westpac MNI China consumer confidence survey which will be released at 11:45am Syd. The last print was at 121.2. We continue to highlight the lead indicator properties that this survey has with other measures of activity in China."
"The only other leading indicator in the public domain for June is the HSBC flash PMI which showed further improvement in the inventory situation. However consumers don’t necessarily respond the same way as manufacturers do to short term inventory on a month-to-month basis. Rather, they will be reacting to labour market conditions, which have been choppy, and house price expectations. Note last month the Chinese consumer appeared to be looking through recent updates on house prices."
"The Westpac MNI China Consumer Sentiment Index is the best indicator of how ordinary people think about the housing market, rather than international media."