23 Mar 2015
Thin calendar in Asia - Westpac
FXStreet (Bali) - Sean Callow, FX Strategist at Westpac, breaks down the key events for the day ahead, with most attention on US existing home sales.
Key Quotes
The calendar in Asia is thin, limited to Singapore Feb CPI. The market median is -0.2%y/y after the Jan print showed a 1.8ppt fall over the year to the lowest since Dec 2009 at -0.4%. Core CPI is also expected to tick higher, 1.1%y/y v 1.0% previous. We are approaching the MAS’s semi-annual policy and macroeconomic review in Apr (dates to be confirmed). The MAS adjusted S$NEER policy band out of cycle in Jan, reducing the slope and thus easing policy, citing the significant shift in Singapore’s inflation outlook for 2015.
US existing home sales are expected to rise 2.0%m/m in Feb, partially recovering from the 4.9% fall in Jan. While there is some risk of impact from the harsh weather, pending sales point to a likely rise in completions. We also have Fedspeak from Mester (centrist/hawk), Williams (centrist) and Fischer (governor i.e. centrist).
Key Quotes
The calendar in Asia is thin, limited to Singapore Feb CPI. The market median is -0.2%y/y after the Jan print showed a 1.8ppt fall over the year to the lowest since Dec 2009 at -0.4%. Core CPI is also expected to tick higher, 1.1%y/y v 1.0% previous. We are approaching the MAS’s semi-annual policy and macroeconomic review in Apr (dates to be confirmed). The MAS adjusted S$NEER policy band out of cycle in Jan, reducing the slope and thus easing policy, citing the significant shift in Singapore’s inflation outlook for 2015.
US existing home sales are expected to rise 2.0%m/m in Feb, partially recovering from the 4.9% fall in Jan. While there is some risk of impact from the harsh weather, pending sales point to a likely rise in completions. We also have Fedspeak from Mester (centrist/hawk), Williams (centrist) and Fischer (governor i.e. centrist).