Published at 05:43 (GMT) 16 Apr
More on Westpac-MI Aust index; The Australian: Aust economic growth later this year may not get much stronger, as consumer sentiment and employment expectations remain weak. Westpac-MI Index edged up to -0.09% in March from -0.15% in February.
Westpac chief economist Bill Evans says the index has stayed below zero for the second month in a row, indicating that economic growth will be below trend. Westpac now was forecasting no more RBA interest rate cuts.
On FX, little impact from the survey earlier, as AUD/USD rose vs 1-week lows of 0.9333, to 0.9370 on better than expected China Q1 GDP of +7.4%. Then up to 0.9374 on AUD/NZD buying to 2-month highs above 1.0900 handle. Given lower Kiwi on lower Q1 CPI and lower Dairy prices. AUD/USD offers at 0.9380-00. with more banks seeing no more RBA cuts. No fresh news out RBA minutes for April 1 - released on Tuesday. Sees Cash Rate steady for some time, at 2.50%.
Bids in AUD/USD at 0.9330-40, stoploss below 0.9320. AUD/SGD back down at 1.1730-40, from the 5-month highs 1.1810-15, highest since Nov 7 1.1841. Now in higher range of 1.1500-1.2000, up from previous 1.10-15. Despite still hawkish MAS - gradual SGD appreciation, but as markets pare down expectations of more RBA rate cuts. USD/SGD at 1.2514-16, offers at 1.2530-50, bids at 1.2480-00, stops beow 1.2475. WL
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