Author
Spiros Papadopoulos is the Senior Markets Economist at NAB, and is based in the NAB’s dealing room in Melbourne.
Spiros joined NAB in 1996. In 2000 he moved to the UK, where he was the Senior Economist in the NAB’s dealing room in London. Spiros returned to Melbourne in 2001 to take up his current role.
Prior to joining NAB, Spiros worked at the Reserve Bank of Australia, in their Economic Analysis Group.
Spiros is also involved with Kaplan Education, where he sits on the Taskforce Committee for the Economics subjects.
The US payrolls report on Friday night was solid, despite the headline increase of 214K in October coming in below the 235K expected. September payrolls were revised up by 8k to 256k and August up by 23k to 203k.
Credit growth to rise 0.4% in September, with the focus on investor housing. Q3 trade prices to show a further large fall in export prices..
Q3 CPI to be low. Underlying CPI forecast to rise 0.5% and headline flat. RBA Minutes, Stevens speech and NAB Quarterly Business Survey also next week
A weekly outlook for Australia, key global economies and markets
The USD strengthened against all G10 currencies on Friday night, pushing the AUD to a new post-March low of 0.8921, and it has opened up just above that at 0.8935 this morning. The AUD was not helped by a further 1.6% fall in iron ore.
Financial Stability Review, RBA Governor a panellist at the Melbourne Economic Forum and second tier labour market data. Election tomorrow and Trade data next week.
Australia: Solid employment gain expected on Thursday. NAB Business Survey and Consumer Confidence also released next week. NZ: RBNZ to temper its OCR outlook in Thursday’s Monetary Policy Statement. China: Trade figures, CPI and industrial production.
Australian retail sales rose 0.4% in July, a good result that builds on the 0.6% growth in June. We were expecting a stronger gain but it nevertheless reaffirms that the negative impact from the Federal Budget on retail spending in May was temporary.
RBA Governor Stevens today spoke at a CEDA luncheon in Adelaide. The Governor's speech reinforced expectations that the RBA will remain on hold for some time yet.
For the 13th consecutive month the RBA has kept the cash rate unchanged at 2.50%. They are still on a neutral bias, and there was no meaningful change to the overall tone of the Statement.
What to Watch: Week commencing 25 August 2014
What to Watch, week commencing 11 August 2014
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