Australia retail sales, RBA and GDP.
This article is originally referred from Orbex Market Preview.
Data from Australia this week will see the release of the retail sales numbers for the month of May.
According to the economists polled, the Australian retail sales data is expected to show a small rebound during the month.
This comes following a flat reading in the month before.
The data is likely to set the tone for the RBA’s monetary policy meeting later in the week. However, it is unlikely to influence the RBA’s decision.
The RBA’s monetary policy meeting is quite likely to be a non-event with the central bank expected to keep interest rates steady for yet another month.
The RBA has maintained its interest rates or lending rate at 1.25%.
The central bank’s monetary policy statement is also unlikely to change much from its previous month’s meeting.
Officials are likely to conclude that the current monetary policy was in line with its support for the economy.
Finally, the first quarter GDP numbers will be reported this week.
According to the economists polled, the quarterly GDP growth rate is expected to rebound from 0.4% in the fourth quarter of 2017 to 0.6% in the first quarter of 2018.
This is expected to push the annual GDP growth rate to 2.6%.
This marks a slight increase from the 2.5% increase seen during the final quarter of 2017.
Original Source: Orbex Market Preview