13 Nov 2013
Flash: Australia's consumer’s mood in focus - Westpac
FXstreet.com (Barcelona) - After a disappointing Australian business confidence in Oct, it will be interesting to assess consumer’s mood in the Nov survey from Westpac and Melbourne Institute at 23.30GMT, notes Sean Callow, FX Strategist at Westpac.
Key Quotes
"Confidence rose sharply in Aug and Sep then slipped back -2.1% in Oct, albeit to a still healthy headline of 108.3, above the 106 average of the past 20 years. The survey of unemployment expectations will also be worth watching."
"An hour later we will see the Q3 wage cost index, where we expect a slightly sub-consensus 0.6% q/q, 2.8% y/y. The latter would be the slowest pace since the series began in 1997."
"This is the RBA’s preferred wages measure but it is losing no sleep over wage inflation, pointing out in last week’s quarterly report “a broad-based decline in wage growth across industries” due to the soft jobs market."
Key Quotes
"Confidence rose sharply in Aug and Sep then slipped back -2.1% in Oct, albeit to a still healthy headline of 108.3, above the 106 average of the past 20 years. The survey of unemployment expectations will also be worth watching."
"An hour later we will see the Q3 wage cost index, where we expect a slightly sub-consensus 0.6% q/q, 2.8% y/y. The latter would be the slowest pace since the series began in 1997."
"This is the RBA’s preferred wages measure but it is losing no sleep over wage inflation, pointing out in last week’s quarterly report “a broad-based decline in wage growth across industries” due to the soft jobs market."