I suspect we'll be hearing "wait until after the election" from many in the markets here in Asea today as a reason to sit on hands. I first heard it about two months ago! Seriously!
Anyway, the calendar today features the final PMI from China then the Reserve Bank of Australia.
Earlier PMIs from China for October have been a little better:
- China official PMI data: October Manufacturing 50.1 (expected 50.0)
- China Caixin Manufacturing PMI for October 50.3 (expected 49.7, prior 49.3)
China's annual parliament is sitting this week, more stimulus measures are expected:
As for the Reserve Bank of Australia, an unchanged cash rate is widely expected, with the Bank likely to dial down on the hawkishness just a touch given the lower official CPI data released last week (with a bagful of caveats, though):
RBA previews:
- The RBA meeting next week marks a year of unchanged cash rate at 4.35% - no cut until 2025
- Its unanimous, Reserve Bank of Australia to hold cash rate at 4.35% at next week's meeting
- Credit Agricole: What we expect from the November RBA meeting
- Barclays: What we expect from the November RBA meeting
Oh, and nearly forgot to mention - it's a partial holiday in Australia today. Just in one state (the second most populous), but everyone right around the country will be slacking off just a bit. Its Australia's biggest horse race day, the Melbourne Cup. Marekts remain open and not at all half drunk, nope.
- 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/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.
