Relatively slow news day:
Thu/7: Australia trade (830am), Germany IP (3pm), Norway IP (3pm), Sweden avge house px (430pm), UK Halifax house px (430pm), Canada building permits (930pm)
Speakers: Riksbank Floden, Riksbank Skingsley (5pm)
Events: Germany SPD convention (7-9 Dec)
EM: Malaysia FX reserves (3pm), South Africa mfg prod (7pm), Chile CPI (7pm), Chile trade/copper exports (730pm), Mexico CPI (10pm, prior 6.37% yoy), China FX reserves, Colombia BanRep minutes (3am Fri)
AUD responds to weak trade surplus:
Aussie Reverses Gains as October Trade Data Misses All Estimates
Australia Oct. Trade Surplus A$105m; Est. A$1.4b
(Bloomberg) --
Australian Bureau of Statistics report shows Thursday.
Exports fell 3% from month earlier
Imports rose 2% from month earlier
Sept. trade balance revised to A$1.6b surplus from originally reported A$1.75b surplus
This follows yesterday's weak GDP, which could stoke speculation that the RBA may revise near-term growth forecasts downward.
Support levels: 0.7533 (1mth low), 0.75 (psych), 0.74 (psych), 0.7345 (6mth low)
*SWEDEN HOUSE PRICES ROSE 1% IN PAST 3 MTHS VS PRIOR 3 MTHS
*FLODEN: NO REASON TO BE ALARMED YET RE HOUSE MKT MACRO EFFECTS
Home price increase should reduce housing market concerns, open the door for Riksbank to end QE this month. Further out, home px concerns remain, which keeps us on a strategic bearish bias on SEK that we probably won't express until after the Riksbank MPC (20 Dec):
Swedish Housing Supply Surged in November, Booli Says
By Niklas Magnusson
(Bloomberg) --
The number of Swedish apartments up for sale in November was 21,287, or 57% higher than in the same month last year, Booli says.
Number of Swedish single-family homes up for sale was 13,556 in November, up 25% from the same month a year earlier
Average selling price for Swedish apartments in Nov. was 3% lower than in same month last year; in Stockholm, apartment prices were 7% lower
Average selling price for Swedish single-family homes in Nov. was 8% higher than in same month last year; in Stockholm, prices were 1% higher
Says supply of homes has been unusually high during the autumn