Asian Session Recap
1 October 2013
0130 GMT Australia August Building Approvals -4.7% m/m +7.7% y/y.
Australia August Trade Deficit A$815M vs. estimated -400M
The Aussie Dollar retreated from a one-week high after the reports showed a larger than expected deficit in August. The trade deficit in Australia was A$815 million ($764 million) in August from a revised A$1.38 billion the previous month. That compares with the median estimate for a A$400 million shortfall by economists surveyed. Building approvals also rose less than analysts forecasts. A separate report showed the number of permits granted to build or renovate houses and apartments rose 7.7 percent in August from a year earlier, missing analyst forecasts for a 12.8 percent gain. The Aud fell from 0.9400 to 0.9370 after the news hit the wires.
Euro has taken a breather after posting 8 month highs in its previous session. The single currency has been contained inside a 20 point trading range as the focus now shifts onto the ECB’s policy meeting. GBP has also traded in a narrow range; 1.6165/85.
Upcoming Economic data;
0830 GMT UK Construction PMI
1145 GMT ECB Policy Meeting
1215 GMT ADP Non-Farm Employment
1230 GMT ECB Press Conference