Analysts at TD Securities explained the key data releases for the Kiwi and Aussie today.
Key quotes:
“NZD Q2 real retail sales are released. There is no monthly retail sales report, hence analysts take guidance from retail card sales. Q1 card sales jumped by +2.3%/q, yet real retail sales were barely +0.1%/q. For Q2, card sales fell -0.7%/q as payback, but translating this into a Q2 projection is problematic. We just pencil in +0.4%/q (mkt +0.4%) a meek start to Q2 GDP, but we expect other sectors to contribute.”
“AUD Q2 construction work done is released, where we look for housing and engineering to contribute to overall +1.5%/q growth (mkt +0.8%, prior +0.2%). These two sectors feed straight into GDP. Later, RBA Deputy Governor Debelle gives a speech to the Economic Society of Australia (QLD) could generate headlines (topic not yet known).”
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