We have some economic data points from Australia today, November private sector credit
Due at 0030GMT
This data showed another solid rise in October for housing and business credit, and a slowing in the pace of gains for investor housing credit. The house price boom has seen housing investor credit surge, which was something of a concern to the Reserve Bank of Australia, so the moderating in the pace of gains has been welcome.
For today:
Private Sector Credit m/m,
- expected +0.6%, prior +0.7%
Private Sector Credit y/y,
- expected 6.8%, prior 6.7%
Credit to housing, prior was +6.7% y/y
Credit to business, prior was +6.6% y/y
Housing credit, prior was +9.7% (the slowest since August of 2014)
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I'm not expecting this ot be too much of an FX market mover, though any topside surprise will further add to the 'no more RBA cuts' argument that is gaining traction.
