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2 Apr 2015
Australian trade deficit expected to widen - Westpac
FXStreet (Bali) - The Australian trade balance has been negative since last April, and the deficit is expected to widen, notes Sean Callow, FX Strategist at Westpac.
Key Quotes
"The highlight of the Australian calendar is Feb trade balance, at 11:30am Syd/8:30am Sing/HK. The trade balance has been negative since last April, and the deficit is expected to widen. The market forecast is -A$1.3bn and Westpac is expecting -1.2bn. Imports should rise, with the sharply lower currency boosting values, and exports will be constrained by the fall in iron ore prices. We will also see the Mar TD-MI inflation gauge."
"US initial jobless claims, Feb trade balance and Feb factory orders will be released Thursday. While most markets (especially Europe) will be closed for Good Friday, the US bond markets will be open for a half day. Cash equities will be closed, but futures will be open until 9:15am NY time to cover the jobs data. The market median forecast for Mar nonfarm payrolls has been revised a little lower at 245k after ADP private payrolls printed below 200k for the first time since Jan 2014. However, ADP has been below official payrolls for the past few months. Initial jobless claims recovered from weather impacts by the time of the survey, while national ISM surveys have been mixed. This points to another robust result, but softening from Feb’s 295k."
Key Quotes
"The highlight of the Australian calendar is Feb trade balance, at 11:30am Syd/8:30am Sing/HK. The trade balance has been negative since last April, and the deficit is expected to widen. The market forecast is -A$1.3bn and Westpac is expecting -1.2bn. Imports should rise, with the sharply lower currency boosting values, and exports will be constrained by the fall in iron ore prices. We will also see the Mar TD-MI inflation gauge."
"US initial jobless claims, Feb trade balance and Feb factory orders will be released Thursday. While most markets (especially Europe) will be closed for Good Friday, the US bond markets will be open for a half day. Cash equities will be closed, but futures will be open until 9:15am NY time to cover the jobs data. The market median forecast for Mar nonfarm payrolls has been revised a little lower at 245k after ADP private payrolls printed below 200k for the first time since Jan 2014. However, ADP has been below official payrolls for the past few months. Initial jobless claims recovered from weather impacts by the time of the survey, while national ISM surveys have been mixed. This points to another robust result, but softening from Feb’s 295k."