I just posted on AUD/USD dips under 0.7000
First time since April 2009 ... Some people wouldn't even have been around then! (Shout out to all the 5 year olds reading ... go back to watching Play School you lot.)
Where was I?
Right ... GDP due later today - preview here... Australian Q2 GDP - preview. Is the 0.4% consensus estimate still valid?
Here's more on what to expect from the GDP, via Sean Callow, Senior Currency Strategist at Westpac. Says Westpac are still forecasting a 0.4% print, despite the data earlier this week:
- After all the partial data, we have ended up where we started on Australia's Q2 GDP on 0.4% q/q, 2.2% y/y.
- Net exports will be a larger detraction than we expected but public spending was strangely strong, the largest jump (3%) since 2010.
- Our call is in line with consensus, with the gloomier forecasters who have been drawing media attention no longer talking up the chance of a negative reading.
- There remains plenty of risk of surprise though, with particular interest in consumption spending, given the retail survey is only about 40% of the total.
(Bolding is mine)
-
AUD/USD update ... back above 0.7010 after triggering a few stops under 0.7000. Glad I'm not gonna be explaining that execution (in so many senses of the word) to the clients today ...
