There were no major data releases from Australia yesterday 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.
In the US session figures GDP and Consumer Confidence were released.
GDP increased at an annual rate of 2.1% in the third quarter of 2015, according to the "second" estimate released by the Bureau of Economic Analysis. The increase in real GDP in the third quarter primarily reflected positive contributions from personal consumption expenditures (
PCE), nonresidential fixed investment, state and local government spending, residential fixed investment, and exports that were partly offset by a negative contribution from private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased.
The Conference Board Consumer Confidence Index, which had decreased moderately in October, declined further in November. The Index now stands at 90.4 (1985=100), down from 99.1 in October. Analysts were predicting increase to 99.3. The Present Situation Index decreased from 114.6 last month to 108.1 in November, while the Expectations Index declined to 78.6 from 88.7 in October.
As for tomorrow, from Australia, Construction Work Done figures will be published. Decrease by 1.8% is anticipated. In the US session Durable Goods Orders, Unemployment Claims and New Home Sales figures are scheduled for a release. Analysts predict 1.6% increase in Durable Goods Orders and incline to 273,00 in Unemployment Claims. New Home Sales should edge up to 500,000.
Figures to watch:
Construction Work Done (Wednesday 1:30)
Durable Goods Orders (Wednesday 14:30)
Unemployment Claims (Wednesday 14:30)
New Home Sales (Wednesday 16:00)
