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New Motor Vehicle Sales decreased by 0.6%

Monday, Dec 15 2014

Latest data on New Motor Vehicle Sales showed that in November 2014 seasonally adjusted estimate (91 869) has decreased by 0.6% when compared with October 2014. When comparing seasonally adjusted estimates for November 2014 with October 2014, sales of Passenger and Other vehicles decreased by 1.1% and 2.3% respectively. Over the same period, Sports utility vehicles increased by 1.3%.

Also, RBA released its Mid Year Fiscal and Monetary Outlook. Report showed that RBA sees 2014-15 deficit at $40.4 billion vs $29.8 billion gap in the May estimates. It also assumes $60 per ton iron ore price over 2 years. Inflation was moved from 2.25% in the May estimates for the second quarter to 2.5%. GDP growth in 2015-16 was unchanged from 3% in the May estimates , as well as 2.5% growth in 2014-15.

 

On the other hand jobless rate is now projected at 6.5% by the second quarter revised negatively from 6.25% in the May estimates. It does not project budget surplus until 2019/20. Also, China growth in 2015 is forecasted at 6.75%.

 

Aussie initially head lower this morning but found area around 0.82 handle to be supportive in order to rebound and is currently being traded few points above 0.8250 level. Later today, in the US session, Empire State Manufacturing Index and Industrial Production figures will be released.

Last modified on Monday, 15 December 2014
More in this category: « USD - Major events in the week ahead CBI Industrial Orders Expectations showed balance of +5 »

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