Back
3 May 2013
Forex Flash: Aus April services PMI another weak data - Westpac
FXstreet.com (Barcelona) - Australia’s data calendar offers limited guidance ahead of Tue’s RBA meeting, comments Sean Callow, FX strategist at Westpac, "where pricing is now above 50%, with -14bp priced in, -60bp in total (Feb 2014)" he says.
Sean added: "Australia’s Apr services PMI dropped to 44.1 from 49.6 in March. This is another weak data point but the survey sample seems gloomier than the rest of the economy as the headline hasn’t broken 50% since Jan 2012 despite 3.6% GDP in 2012. Seasonality might be a factor as Apr 2012 was just 39.6. Q1 PPI should be overlooked given muted CPI recently."
Sean added: "Australia’s Apr services PMI dropped to 44.1 from 49.6 in March. This is another weak data point but the survey sample seems gloomier than the rest of the economy as the headline hasn’t broken 50% since Jan 2012 despite 3.6% GDP in 2012. Seasonality might be a factor as Apr 2012 was just 39.6. Q1 PPI should be overlooked given muted CPI recently."