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20 May 2015
Key events for the day ahead - Westpac
FXStreet (Guatemala) - Sean Callow, analyst at Westpac noted the key events ahead starting with the Australia May Westpac-MI consumer sentiment survey has been held back a week to capture reactions to the federal budget, and will be out at 10:30am Syd/8:30am Sing/HK.
Key Quotes:
"While the index showed that confidence struggled to recover from a sharp post-budget drop throughout the second half of 2014, the government this time around has been at lengths to ensure a less negative reception."
"The survey will also include sentiment following the RBA cut, further gains in house prices and another firm read on official jobs numbers, which should be supportive. However, there has been a sharp selloff in equities since Apr."
"Japan Q1 preliminary GDP will be released, a muted 0.4% q/q gain expected, 1.6% annualised. There is risk to the upside with capex potentially rebounding after a Q4 fall. Otherwise, the Asia calendar is limited to Taiwan export orders."
"In the UK, BoE minutes will be released. The Inflation Report hinted at ongoing debate around the timing of rates lift off after GDP forecasts were lowered. We will also see the FOMC minutes. The focus will be on whether Jun would still be a possible starting point for Fed hikes."
"The minutes may weigh on the USD, assuming they convey the same sentiments as the statement which was more cautious on the economy. Fed dove Evans (voter) continues his European tour, speaking in Germany before the release of the minutes. There should be no new content in his speech."
Key Quotes:
"While the index showed that confidence struggled to recover from a sharp post-budget drop throughout the second half of 2014, the government this time around has been at lengths to ensure a less negative reception."
"The survey will also include sentiment following the RBA cut, further gains in house prices and another firm read on official jobs numbers, which should be supportive. However, there has been a sharp selloff in equities since Apr."
"Japan Q1 preliminary GDP will be released, a muted 0.4% q/q gain expected, 1.6% annualised. There is risk to the upside with capex potentially rebounding after a Q4 fall. Otherwise, the Asia calendar is limited to Taiwan export orders."
"In the UK, BoE minutes will be released. The Inflation Report hinted at ongoing debate around the timing of rates lift off after GDP forecasts were lowered. We will also see the FOMC minutes. The focus will be on whether Jun would still be a possible starting point for Fed hikes."
"The minutes may weigh on the USD, assuming they convey the same sentiments as the statement which was more cautious on the economy. Fed dove Evans (voter) continues his European tour, speaking in Germany before the release of the minutes. There should be no new content in his speech."