While the focus is on the CPI there is also an eye on private sector credit.
- Its due at 0030 GMT, at the same time as the CPI data
- Its not recently too much of an AUD market mover, and will overshadowed by the CPI today
Preview via ANZ:
- We expect private sector credit growth to have slowed to 0.4% m/m in December.
- Housing finance growth probably moderated due to the easing in house price growth at the end of 2017.
- A slowdown in business loan approvals points to an easing in business credit growth as well.
And. via Westpac:
- Credit to the private sector grew by 0.5% in November, a touch above the 0.4% monthly average for 2017.
- For December, we anticipate a rise of 0.4%.
- Housing credit is slowing gradually, a trend that is likely to continue at this late stage of the cycle as the sector responds to tighter lending conditions. The 3 month annualised pace is 5.7% currently, down from 6.8% in March. In November, housing credit grew by 0.44%, 6.4%yr.
- Business credit is volatile month to month around a moderate upward trend as businesses expand investment. The November outcome was an above par increase of 0.7%. For December, we anticipate a result more in line with the 2017 monthly average of 0.3%.
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ICYMI - here are links to the CPI previews (the data is due at GMT):
- Australian Q4 inflation data due today - MOAR preview
- Australian Q4 inflation data due today - previews
- 2 bank previews here
- Westpac on the degree of risk to their Australian inflation forecast
- We just had the NZ Q4 CPI data, Australia's is due next week - what are the implications?
- CBA: Tame inflation outlook to remain
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