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Q1 GDP Headlines Next Week's Busy Data Calendar

AUD

The A$ is finishing the week strongly, having broken above 0.7120. At this stage we are up 1.42% for the week to 0.7140 (a similar gain to last week). Better equity risk appetite and broad-based USD weakness have been the main drivers. Next week's data calendar is busy but unlikely to shift sentiment a great deal around the RBA outlook.

  • Next Tuesday delivers more Q1 GDP partials. Net exports are out and expected to subtract -1.4ppt from growth. Company profits are expected to rise 4%, while inventories are forecast to rise 0.7%
  • Private sector credit for April and building approvals (forecast -1.0%) are also out on Tuesday.
  • On Wednesday, house prices are out along with Q1 GDP. At this stage, the market forecast is a 0.6% quarterly rise, taking YoY growth to 2.8%, from 4.2% Q4 last year. Commodity prices are also out that day.
  • Trade figures print Thursday. Exports expected to rise 1%. Home loans data rounds out the week on Friday (expected at -0.8%).

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