Treasury estimates potential annual GDP growth at 2.75%.

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Tuesday, Nov 24 2015

There were no major data releases from Australia this morning. The Australian dollar is higher despite a fall in consumer confidence. The latest ANZ-Roy Morgan weekly consumer confidence index is down 1.2 per cent for the week to November 22, extending the 0.6 per cent dip of the previous week.

Furthermore, Australian Treasury's deputy secretary Nifel Ray said that Australia's potential annual GDP growth is now 2.75%. Treasury had previously estimated potential growth at 3% in the most recent budget release. A satisfaction with a lower growth rate takes the pressure off the RBA to cut rates further, at the margin.

Aussie is currently being traded around 0.72 area. Pair is likely to find support around 0.7150 handle and resistance above 0.7250 level. Later today, in the US session, Prelim GDP and CB Consumer Confidence figures are scheduled for a release.

More in this category: « Is BoE ready for first tightening in more than eight years? German Business Confidence rose to 109.0 in November »

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