Do note this data point from Westpac is unlikely to move the AUD upon release.
Having said this if you'd like a picture of how economic growth will evolve in Australia in the next 6 months or so this is an excellent guide.
Do bear in mind though that yesterday we got two significant developments that shoud be supportive, the moves from the prudential regulator and Governor Lowe's speech. Link can be found in yesterday's Asia wrap: ForexLive Asia FX news wrap: AUD all over the place
OK, for the data, this in brief via Westpac(written prior to yesterday):
March lift was entirely due to a 19% spike in one component - dwelling approvals. This spike unwind in April with approvals dropping 15.5%.
- That will in turn see the Index growth rate drop back to a pace more materially below trend.
other component updates this month:
- the ASX200 and the Westpac-MI Unemployment Expectations improved
- Westpac- MI Consumer Expectations Index, hours worked and US industrial production all softened a touch
- commodity prices were flat in AUD terms
