Analysts at Westpac offered their outlook for today’s event risks.
Australia: Mar private sector credit is forecasted to be 0.4% following a softer start to 2017 due to the volatile business segment. Housing is expected to be similar to Feb’s 0.57% ahead of the impact from regulation. Q1 PPI is forecasted to be 0.5% with a stronger AUD offsetting rising energy costs.
Japan: Mar CPI is out. Inflation has recovered of late to 0.3%yr in Feb with core a touch softer at 0.2%yr.
Euro Area: Apr CPI (advance) follows a pullback in Mar with headline inflation falling to 1.5%yr from 2.0%yr. Core CPI fell, but to a lesser degree, moving to 0.7%yr from 0.9%yr.
US: Q1 GDP is forecasted to be 1.6% annualised vs market expectations of 1.0%. A softer consumer and still subdued business investment are the key themes with partials indicating a weaker quarter, while inventories should also subtract. Note that Nowcasts point to risks being greater than normal. Fedspeak includes Brainard on Fintech and Harker on STEM education.”