Was scheduled for 2230GMT, but here it is 8 minutes prior … you’re welcome.
- Comes in at 55.2
- Up 5.8 points
- Employment higher to 52.7, wages higher to 55.0
- First +50 read (i.e. expansion) since January 2012
- “Highest since March 2008″
- growth was concentrated in just a few services sectors, primarily health and community services (67.7 points) and finance and insurance (67.0 points)
- The large retail trade sub- sector moved very close to stabilising at 49.5 points (in 3 month moving averages)
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The Australian market focus today is on the Q4 GDP release at 0030GMT. Expected and prior is here. A good beat on this data should stoke perceptions that the RBA really is on hold and that the next move in rates, while likely to be a good time away, will be up and not down. This will be AUD supportive and should send the AUD back higher. On the other hand, if the number misses then then RBA will still be seen as sitting on the fence awaiting further data and the AUD should come off a little.
