2 2 30 GMT Australia - AiG Services PMI for April
Australia Australian Industry Group Performance of Services Index
prior 56.2
This is the fifth and final PMI from Australia for April. The April PMIs are all showing good rates of expansion:
- Australia - AiG Manufacturing PMI for April 58.5 (prior 55.7)
- Australia – Markit Manufacturing PMI for April (final) 58.8 (vs. March 57.7)
- Australian Markit Services PMI for April 56.1 (prior 56.6) & Composite 55.9 (prior 56.2)
2330 GMT Tokyo inflation data for April– Tokyo area CPI (national level CPI for the month follows in three weeks)
Tokyo CPI % y/y, expected 1.9%, prior was 1.3%
Tokyo CPI excluding Fresh Food % y/y, expected 1.8%, prior was 0.8%
Tokyo CPI excluding Food, Energy % y/y, expected -0.5%, prior was -0.4% (this measure of Japanese inflation is closest to the US 'core' CPI)
2350 GMT brings Japan monetary base, see pic below
0130 GMT - Reserve Bank of Australia Statement on Monetary Policy. Earlier this week we had the first cash rate hike for over 11 years:
- RBA raises cash rate by 25 bps to 0.35%
- A cheeky move by the RBA helps to lift the aussie
- RBA's Lowe: Expects that further rate hikes will be necessary in the months ahead
- RBA's Lowe: A more normal level of rates would be 2.50%
Since then we have had some updated analyst forecasts:
- Goldman Sachs is forecasting the RBA cash rate at 2.6% by the end of 2022
- Westpac forecast a 40bp cash rate hike from the RBA on June 7
Back to today ... the Statement on Monetary Policy will contain updated forecasts from the Bank.
- The Statement on Monetary Policy sets out the Bank's assessment of current economic conditions, both domestic and international, along with the outlook for Australian inflation and output growth. A number of boxes on topics of special interest are also published. The Statement is issued four times a year.
- 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 what is the consensus median expected.
