Economic outlook for the day ahead: RBA in focus - Westpac
|Analysts at Westpac offered an economic outlook for the day ahead.
Key Quotes:
"Australia: Feb RBA meeting minutes are released, which should mirror recent upbeat commentary. Given February is a SOMP month, it is unlikely for anything extra to be revealed in the minutes.
Japan: The last manufacturing PMI came in at 52.7, reaching a one-year high after trending up since the second half of 2016. Particularly encouraging were new orders and exports as a weaker yen is supporting the sector.
Eurozone: January manufacturing PMI printed 55.2, enjoying the benefits from a stronger US dollar while services came in at 53.7 on the back of domestic demand strength. Put together, the composite index is currently indicating a further improvement of growth numbers in Q1.
US: Manufacturing PMI previously came in at 55.0, on an uptrend since mid-2016. Growth has been driven by domestic demand as exports remain subdued. Momentum should continue this month after the Feb Philly fed manufacturing survey spiked 20pts to 43.3 last week, with firms reporting strong growth and new orders. The last services PMI print printed 55.6, consolidating on an uptick in October that partially retraced in Nov and Dec. Both employment and new work were strong, and businesses’ have the highest confidence since May 2015.
Fedspeak includes Kashkari in a fireside chat on the economy and the role of the Fed, and Harker speaks about the economic outlook followed by media Q&A.
NZ: The GDT dairy auction is priced by futures to result in a 3% decline in WMP prices. Fonterra recently upgraded its milk collection forecast for 2016/17."
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