Coming up Wednesday local time in Australia:
- This snapshot from the ForexLive economic data calendar, access it here.
- The times in the left-most column are GMT.
- The numbers in the right-most column are the 'prior' (previous month/quarter as the case may be) result. The number in the column next to that, where is a number, is the consensus median expected.
Westpac have updated their expectation for the data after net exports etc. data earlier today.
Q2 GDP forecast 1.1% q/q and 3.6% y/y
- from 2.0% q/q & 4.5% y/y
WPAC cite:
- downside surprises on inventories and public demand
- There is still a degree of uncertainty around our amended forecast
- A key uncertainty is around consumer spending, which is a forecast 2.8% – the uncertainty is around scaling the spending on services, which strengthened in the period – a reopening effect.
- Another uncertainty is around the 3 measures of GDP – expenditure, income and production. The headline measure is an average of the three estimates.
- The income data was relatively strong – both profits and wages – pointing to the potential for an upside surprise. However, the incomes information is in nominal terms and before taxes less subsidies – two forces with the potential for sizeable surprises.
-----
Coming up soon, due at 0430 GMT on Tuesday, 6 September 2022 is the RBA:
- RBA monetary policy meeting Tuesday September 6 - preview (TL;DR +50bp hike coming up)
- Poll of analysts - RBA to hike its cash rate by 50bp on Tuesday 6 September
TL;DR is look for a 50bp rate hile to add to the previous hikes:
