Australia Rate Decision On Tap For Tuesday

(RTTNews) - The Reserve Bank of Australia will wrap up its monetary policy meeting on Tuesday and then announce its decision on interest rates, highlighting a busy day for Asia-Pacific economic activity. The RBA is expected to trim its benchmark lending rate by 25 basis points, from 1.50 percent to 1.25 percent.

Australia also will see April figures for retail sales and Q1 numbers for current account. Sales are expected to add 0.2 percent on month, slowing from 0.3 percent in March. The current account balance is tipped to show a deficit of A$2.9 billion following the A$7.2 billion shortfall in the three months prior.

New Zealand will release Q1 numbers for terms of trade, with forecasts suggesting an increase of 0.5 percent on quarter following the 3.0 percent decline in the previous three months.

Japan will see May figures for monetary base, with expectations calling for no change following the 3.1 percent yearly increase in April.

South Korea will provide Q1 data for gross domestic product and May numbers for consumer prices. In Q4, GDP was down 0.3 percent on quarter and up 1.8 percent on year. In April, overall inflation was down 0.2 percent on month and up 0.4 percent on year, while core CPI dipped 0.2 percent on month and rose 07 percent on year.

Thailand will see May results for the manufacturing PMI from Nikkei; in April, the index score was 51.0.

Finally, the markets in Indonesia remain closed all week in observance of Eid-ul-Fitr.
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