RBA decision looms
A relatively quieter Tuesday sees Australia’s central bank, the RBA, come into focus as an interest rate meeting takes place later today.
The Reserve Bank of Australia meets later today to set interest rates and release its Rate Statement. Interest rates are expected to remain on hold at a record low of 1.5%. Since rates are have remained on hold for an extended period of time, attention moves to the central bank’s economic outlook for the country. Does the RBA see the economy strengthening over the medium to long term? Does it see a case for lifting interest rates in the future? Or does the RBA see prolonged economic malaise in Australia. Markets will be looking at the language used by the RBA Governor to get an indication on the future of monetary policy.
Elsewhere around the world, Europe is publishing Retail PMI, Sentix Investor Confidence and Retail Sales data, the US is releasing JOLTS Job Openings & IBD/TIPP Economic Optimism figures and finally, Canada is reporting Ivey PMI data.