Looking ahead, Australian first quarter economic growth data is due on June 5.
i.e. Q1 GDP
The construction work done figures for Q1 coming up at 0130GMT today are a key 'partial' input to the GDP.
- expected flat at 0.0% q/q, prior -3.1%
While public sector infrastructure work has been strong private work is not so much. Residential construction has seen a big down turn and is acting as a drag on the economy.
Via Westpac:
- Home building activity still has further downside
- Public works is expected to resume its uptrend … supported by a sizeable pipeline of work focused on transport projects
- Private business construction is expected to be flat, with a modest rise in infrastructure (renewable energy and mining) offsetting a small decline in non-residential building
Bad news from this data should be a negative input for the AUD, although after yesterday's info 9Lowe's speech) heightened expectations for a June cut I don't know how much impact bad news can have on the currency today. A topside data surprise might prove to be a boost for the AUD though.
