Back
26 Feb 2014
Flash: Aus construction work eyed - Westpac
FXStreet (Bali) - The first of the inputs to Australia’s Q4 GDP report (due a week from now) is construction work done at 00.30 GMT today, notes Sean Callow, FX Strategist at Westpac.
Key Quotes
"Westpac looks for a 1% q/q rise, after 2.7% in Q3, though the y/y rate should only be 2%. The strongest component should be new dwelling construction (4%), with small gains expected in private non-residential construction and public engineering but -2% on private engineering after a 7% jump in Q3. The median forecast is 0.2% q/q. AUD tends to respond only modestly to this release, if at all, but it is an important component of growth."
Key Quotes
"Westpac looks for a 1% q/q rise, after 2.7% in Q3, though the y/y rate should only be 2%. The strongest component should be new dwelling construction (4%), with small gains expected in private non-residential construction and public engineering but -2% on private engineering after a 7% jump in Q3. The median forecast is 0.2% q/q. AUD tends to respond only modestly to this release, if at all, but it is an important component of growth."