Just the one item on the data card for Australia today, but it will be looked at keenly.
0030GMT – Construction work done for Q3
- expected is -1.9%
- prior was -1.2%
The construction work data is the first of the Q3 GDP inputs
- Due to the slowdown in mining-related investment engineering work has been falling, and is expected to continue to do so
- The RBA is looking for residential construction to pick up some of the slack, the RBA will want to see this continuing
Graphs via Westpac:
A weak result for the data today will be a negative input for the AUD …. like the poor thing needs any more reasons to decline after last night’s slide.
