Australian data: Q3 current account misses big time at -2.3bn AUD (expected +6.2bn)

Australian data for the July, August & September quarter of 2022.

Current account balance comes in at -2.3 bn AUD AUD The Australian dollar (AUD) is the official currency of Australia, which is also used in Christmas Island, Cocos (Keeling) Islands, Norfolk Island, as well as independent pacific states.Introduced in 1966, the AUD is currently the fifth most traded currency in the world, behind only the US dollar, euro, Japanese yen, and British pound.The currency is very important to forex markets and is routinely used as a carry trade against other majors.The Reserve Bank of Australia (RBA) is the central bank The Australian dollar (AUD) is the official currency of Australia, which is also used in Christmas Island, Cocos (Keeling) Islands, Norfolk Island, as well as independent pacific states.Introduced in 1966, the AUD is currently the fifth most traded currency in the world, behind only the US dollar, euro, Japanese yen, and British pound.The currency is very important to forex markets and is routinely used as a carry trade against other majors.The Reserve Bank of Australia (RBA) is the central bank Read this Term

• expected +6.2bn aud
• prior +18.3bn

Net exports to contribute -0.2% to Q3 GDP

• expected -0.6%
• prior +1.0%

Australian GDP data for Q3 will be published on Wednesday, 7 December 2022 at 0030 GMT. The data also show that government spending will net detract from the GDP result. That may well be not such a bad thing given the enormous, and welcome, splash of cash to deal with the pandemic in prior years.

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Yet to come from Australia today - Reserve Bank of Australia decision.

• RBA monetary policy decision is due today - preview

• The RBA is expected to hike the Australian cash rate by 25bp on Tuesday - policy preview

• Westpac are forecasting a +25bp cash rate hike at the RBA meeting on December 6 2022
• National Australia Bank - RBA is expected to hike its cash rate by 25 bps in December, February, and March to 3.60%

• Week Ahead: highlights include OPEC+, RBA, BoC, China Trade/CPI, Uni. of Mich.

Reserve Bank of Australia Governor Lowe