It's a very light data agenda for the session ahead, Australian retail sales the only data of note.
The retail trade data will update how consumer spending is holding up despite rising inflation, and rising mortgage rates. A decent rise is expected on the month.
Last week's CPI data was a bit of a surprise, headline and underlying inflation measures came in above estimates and above the most recent RBA forecasts. Four of the big four Australian banks are forecasting a rate hike from the Reserve Bank of Australia at their next meeting, which is on November 7.
- Commonwealth Bank of Australia forecast a 25bp RBA rate hike on November 7
- ANZ forecasts a 25bp RBA interest rate hike on November 7 (previous forecast was December)
- The other of the 'big four', National Australia Bank, was already forecasting a 25bp rate hike on November 7 even before last week's inflation data.
