AUD: Strong data suite today - TDS

Research Team at TDS, suggests that Australia witnessed strong data suite today that sees the market upgrade Q1 GDP to +0.8%/qtr from +0.6% for the mkt and +0.7% for TD.

Key Quotes

“Net exports to add +1.1%pts to Q1 GDP. Government spending expected to add around +0.2%pts to GDP. Building Approvals jumped 3% in April, defying widespread expectations for a correction after March +2.9%.  Apartment approvals have jumped for two consecutive months and again overtaken private house approvals in level terms .

Private sector credit at +0.5% for April nothing new there, but business credit at +0.8% the strongest month jump in six months and in annual terms the most in more than 7 years and all before the May RBA cut.”