komentarz-makro-300x200During the Asian session we had to deal with two important publications. The first of these concerned Australian real estate market, the next – industrial production in China. Despite the fact that Chinese publications proved to be noticeably better than expected, AUD lost on the wave of worse reports from national real estate market.


Posted at 1:30 index of real estate prices turned out to be much worse than the expectations of investors. In third quarter of this year, average selling price of a residential home in Australia increased by only 1.5% against a forecast of 2.3%. This is not first confirmation that the situation of Australian real estate market is not the best.

An important figure for investors were reports of NAB. The report that measures business conditions index showed a drop to 5 points, while created by Australian bank index measuring overall sentiment rose one more to 5 points. NAB analysts emphasized the poor condition of retail sector as well as the still low level of capital investment. Market read nightly data negatively, and after a period of increased volatility in the course of the publication of data, AUD/USD went down:

AUDUSD h1
AUDUSD H1

Even positive data from China didn’t change situation to better. In annual terms, we deal with increase in industrial production to 6.2% (the forecast assumed to maintain a growth rate of 6.1%), while report on changes in level of retail sales showed an increase of 10.8% compared to the previous year . According to the forecasts of investments in fixed assets increased by 8.3% y/y.

About 8:00 am we met new data concerning the level of consumer inflation in Germany. The data were in line with earlier forecasts, and in November the CPI continued to increase at 0.8% y/y.

What are we waiting for?

Already at 10:30 we will keep track of the data series from UK where the most important publications will be the CPI and the price index of real estate. Investors in EUR will focus instead on planned at 11:00 readings of the largest European economy and the euro area as a whole.

We will know the ZEW economic sentiment for Germany and an indicator of current condition of economy of our western neighbours. The same indicator will be published also for the whole euro area and Eurostat will join with the latest reading of changes in employment.

These data in practical terms will end this day in the markets. About 14:30 we will have a little less important for investors price indices of export/import in United States. Five minutes before 15:00 will be published Redbook, and a quarter to midnight, we will know the most recent data on the current account of New Zealand.

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