Back

Australia: GDP forecasts revised down modestly - NAB

FXStreet (Bali) - Alan Oster, Group Chief Economist at National Australia Bank, shares the bank's view on the Austalian economy, noting that GDP forecasts were revised down modestly: 2014/15 2.8% (was 2.9%) and 2015/16 3.2% (was 3.4%).

Key Quotes

"Retreating confidence and conditions and likely sharp decline in terms of trade point to weak Q3."

"In September, capacity utilisation continued falling, forward orders declined and employment slumped further into negative territory. Still few signs of a sustained increase in non-mining investment to fill the emerging mining investment cliff."

"However, the easing in the AUD should assist trade-exposed sectors. Business credit barely grew in August and remains very weak. Terms of trade profile weaker in response to sharp declines in commodity prices."

"Consequently, GDP forecasts revised down modestly: 2014/15 2.8% (was 2.9%) and 2015/16 3.2% (was 3.4%). Unemployment rate still to peak at around 6½%. No change in cash rate expected until near the end of 2015."

GBP/JPY taking a rest bite on 170 handle

GBP/JPY is trading at 170.44, up 0.11% on the day, having posted a daily high at 170.56 and low at 170.23.
Baca lagi Previous

NZD/USD: Sellers take back control, capped by 20-day EMA

NZD/USD failed yet again at the 20-day EMA on Tuesday, same pattern seen last Oct 9, with price turning lower to end the NY session at 0.7835, near the day lows.
Baca lagi Next