Analysts at Westpac offered an economic wrap - Westpac
|Analysts at Westpac offered an economic wrap.
Key Quotes:
"Chicago Fed National Activity Index fell from 0.18 to -0.05 (vs 0.00 expected). FHFA house prices rose 0.4% in Dec (vs 0.5% expected), seven of nine regions posting gains. Kansas Fed manufacturing rose from 9 to 14 (vs 9 expected). Jobless claims were 244k (vs 240k expected),maintaining a tight path.
Event Risk
Australia: RBA Governor Lowe gives the half yearly testimony to the House of Representatives’ committee on economics at 9:30am Sydney time.
US: Jan new home sales is out after the annual rate printed 536k in Dec, a contraction of -10.9% from the previous month. Wednesday’s data showed existing home sales at an annual rate of 5.69m units, a 10yr high, indicating no reaction to higher mortgage rates. Correspondingly, the market is expecting a 570k annual rate for Jan new home sales. Final Feb University of Michigan consumer sentiment is released with preliminary readings falling to 95.7 from 98.5 in Jan. The drop is a retracement from post-election gains with the index averaging in the low 90’s over the first 10 months of 2016."
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