Trade data from China is on the improve as COVID restrictions dial back. Eyes are still on infection developments in China as outbreaks are still coming. Yesterday a (relatively) small Chinese city was locked down. The market fear is that this response spreads to other centres in China as cases mont. Shanghai remains (relatively) open at present but there are cases being reported outside quarantine and the risk is another round of renewed restrictions. We await developments.

After the Chinese data comes the Reserve Bank of New Zealand policy announcement. A 50bp Official Cash Rate (OCR) rise is widely expected. The RBNZ are hiking to combat fierce inflation pressures. The hikes are having an impact on the economy though, the question is whether the impacts will slow inflation rises. Economic theory says it should. Again, we await developments, this time on CPI data. A risk today is that the RBNZ lower their OCR projections. We don't get a full Monetary Policy Statement from the RBNZ al;ongside the announcement today. We also do not get a scheduled press conference from RBNZ Governor Orr . What we get instead is less detailed piece, a Monetary Policy Review. MPRs give an interim update on the monetary policy outlook and settings between each Monetary Policy Statement.

I'll have more to come on this separately on the RBNZ, but for now, earlier previews:

Also coming up during the session, not shown on the calendar below, is the Reuters Tankan.

  • The Reuters Tankan monthly poll is intended to track the quarterly Bank of Japan tankan survey
  • due at 0000 GMT
Economic calendar in Asia 13 July 2022

This snapshot from the ForexLive economic data calendar, access it here.

The times in the left-most column are GMT.

The numbers in the right-most column are the 'prior' (previous month) result. The number in the column next to that, where is a number, is the consensus median expected.