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Trading news
16 Apr 2015
Australia Mar labour data dominates the calendar - Westpac
FXStreet (Bali) - Australia Mar labour force data dominates the calendar in Asian time zone, notes Sean Callow, FX Strategist at Westpac.
Key Quotes
"Australia Mar labour force data dominates the calendar in this time zone, due at 11:30am Syd/9:30am Sing/HK. The release has been held back a week for seasonal reanalysis, but there are still risks to adjustments in seasonality or population estimates that could again cause unusual volatility. Leading indicators have been softer, and are not pointing to a pick up until later in the year. The Westpac forecast is for total employment to rise by 20k, and is in the higher end of the range. The market estimate is 15.0k. Westpac is expecting the participation rate to correct back to 64.7% (market median is for another 64.6% reading), which would produce an unemployment rate of 6.3%, in line with the consensus."
"In the US, Mar housing starts will be released. This is expected to rebound, up 15.9% m/m after a 17.0% fall in Feb. While the Feb print was depressed by the harsh weather, lower numbers in other regions suggested some underlying weakness. Mar housing permits are expected to unwind some of Feb’s jump in multiples. We will also see the Apr Philadelphia Fed factory survey and initial jobless claims. Atlanta Fed president Lockhart (centrist, voter) will be speaking on economic outlook. We also hear from Cleveland Fed’s Mester (hawkish, non-voter) on the economy and monetary policy, Boston Fed’s Rosengren (dove, non-voter), and Fed vice chairman Fischer on inflation, as part of the IMF meetings."
Key Quotes
"Australia Mar labour force data dominates the calendar in this time zone, due at 11:30am Syd/9:30am Sing/HK. The release has been held back a week for seasonal reanalysis, but there are still risks to adjustments in seasonality or population estimates that could again cause unusual volatility. Leading indicators have been softer, and are not pointing to a pick up until later in the year. The Westpac forecast is for total employment to rise by 20k, and is in the higher end of the range. The market estimate is 15.0k. Westpac is expecting the participation rate to correct back to 64.7% (market median is for another 64.6% reading), which would produce an unemployment rate of 6.3%, in line with the consensus."
"In the US, Mar housing starts will be released. This is expected to rebound, up 15.9% m/m after a 17.0% fall in Feb. While the Feb print was depressed by the harsh weather, lower numbers in other regions suggested some underlying weakness. Mar housing permits are expected to unwind some of Feb’s jump in multiples. We will also see the Apr Philadelphia Fed factory survey and initial jobless claims. Atlanta Fed president Lockhart (centrist, voter) will be speaking on economic outlook. We also hear from Cleveland Fed’s Mester (hawkish, non-voter) on the economy and monetary policy, Boston Fed’s Rosengren (dove, non-voter), and Fed vice chairman Fischer on inflation, as part of the IMF meetings."