* June's inflation release showed little sign of pricing pressures returning to the Philippines. *...
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Thailand was the only country in Asia to show an increase in manufacturing activity and positive growth in the sector in May. The S&P Global manufacturing PMI rose to 51.2 from 49.5, highest since December, driven by output growing at its fastest in nine months. It signals an improvement in manufacturing growth. Unlike the rest of ASEAN, export orders were higher. The outlook is also positive.
Thailand manufacturing
AUD/USD dipped modestly post the GDP miss (Q1 growth at 0.2%q/q versus 0.4% forecast). We got to lows of 0.6454, but quickly rebounded. We were last back in the 0.6470/75 region, slightly up on NY close levels from Tuesday. Broader USD sentiment is softer, the BBDXY down close to 0.20% at this stage. The AUD was lagging this weakness, but has caught up now. the AUD/NZD cross is at 1.0760/65, (post data lows were at 1.0752), which keeps us within recent ranges.
GDP grew 0.2% q/q & 1.5% y/y in Australia in Q1 as extreme weather events in the quarter impacted domestic demand and exports. This is lower than Bloomberg consensus but in line with revisions by the big 4 local banks following Tuesday’s net exports, government and inventory data. See ABS press release here. More details to follow.