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5 May 2016
AUD: Trade Balance narrows while retail sales improves - TDS
Research Team at TDS, notes that the Australia’s Trade Balance for March was much narrower than expected (-A$2.2b vs mkt –A$2.9b) and the deficit for Feb was also revised lower (-A$3.05b vs –A$3.4b), with a big jump in Chinese exports +5% and tourism jumped.
Key Quotes
“Retail Sales for Mar were a touch better than expected and Feb was revised up from flat to +0.1%. Q1 Retail sales was ok, at +0.5%/qtr, but below the +0.7% f/c. This number feeds into GDP.
New Home Sales for Mar jumped nearly 9%/m, one of the biggest one-month jumps in years. With the RBA cutting rates earlier this week, expect this series to rise over coming months.
Separately, the Australian government appointed Deputy Governor Philip Lowe to be the next Governor of the RBA. His seven year term is set to begin on 18 September and was widely seen as the most likely candidate to succeed Glenn Stevens.”
Key Quotes
“Retail Sales for Mar were a touch better than expected and Feb was revised up from flat to +0.1%. Q1 Retail sales was ok, at +0.5%/qtr, but below the +0.7% f/c. This number feeds into GDP.
New Home Sales for Mar jumped nearly 9%/m, one of the biggest one-month jumps in years. With the RBA cutting rates earlier this week, expect this series to rise over coming months.
Separately, the Australian government appointed Deputy Governor Philip Lowe to be the next Governor of the RBA. His seven year term is set to begin on 18 September and was widely seen as the most likely candidate to succeed Glenn Stevens.”