Daily Commentary BY THE CURVE TEAM –

Daily Insights- Trade, Credit and Building Data

1st of September, 2021

July Credit Data

  • Rose 0.7%.
  • For a consecutive month, business credit led the gains, up 1%.
  • This is in response to the covid outbreaks, with businesses shoring up cash as activity slows.
  • Housing was up 0.64%, with owner occupied up 0.87% and investors up 0.27%.

Building Approvals

  • Down 8.6% for July.
  • The end of HomeBuilder is still driving declines.
  • Approvals are still up 21.5% on last year.

Trade Balance

  • The second quarter current account surplus was $20.5 billion.
  • Export volumes were down 3.2% and imports up 1.5%.
  • The terms of trade though improved the current account, up 6.9% for the quarter.

EU Inflation

  • Annual inflation rose to 3% in August, up from 2.8% in July.
  • Core inflation rose to 1.6% from 0.7% for the same period.

Josh Stewart

Associate - Money Markets