Australia housing finance is due today for September
- Home loans m/m, expected is 2.0%, prior was 1.0%
- Investment lending m/m, prior was 4.3%
- Owner-occupied loan value m/m, prior was 0.9%
I posted these earlier:
- Australia housing finance data today (for September) - preview
- Australia housing finance data today (for September) - more preview
And this, not specifically on the data today: Australian housing market weakening, what it means for the economy
A couple of quickies now ...
NAB on Housing Finance Approvals for September.
- Our expectation is that headline Owner-Occupier Approval loan numbers rose at a faster 3.4% rate after August's 1.0% rise.
- There'll be interest in what the report says about finance to construct or purchase new dwellings as well as investor finance approvals that have shown a degree of resilience of late, up 4.3% in value terms in August.
And, CBA on the Australian dollar:
- A firmer NZD has helped support AUD and China's favourable trade backdrop remains a good source of support for AUD.
- China's imports from Australia surged by 25%pa to $8 billion in October (equal to China's imports from Germany).
- In our view, favourable global economic activity will continue to bode well for commodity prices and underpin AUD.
- We don't expect much reaction in AUD from today's Australian September housing finance data (11:30am Sydney).
- Technically, AUD/USD needs to sustain a break above its 200-day moving average (0.7700) to gain upside momentum.
- Tomorrow the RBA deliver their quarterly Statement on Monetary Policy.
