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Financial News: Australia Rate Decision On Tap For Tuesday

Australia Rate Decision On Tap For Tuesday

09/04/2017 - 18:01:00 (RTTNews)

(RTTNews) - The Reserve Bank of Australia will on Tuesday wrap up its monetary policy meeting and then announce its decision on interest rates, setting the pace for a busy day in Asia-Pacific economic activity.

The central bank is widely expected to keep its benchmark lending rate unchanged at 1.50 percent.

Australia also will see August results for the Performance of Services Index from AiG, as well as Q2 numbers for its current account balance.

The services index had a score of 56.4 in July. The current account is expected to show a deficit of A$7.5 billion following the A$3.1 billion shortfall in the three months prior.

China will see August results for the services and composite indexes from Caixin; in July, their scores were 51.5 and 51.9, respectively.

Japan will see August figures for the services and composite indexes from Nikkei; in July, their scores were 52.0 and 51.8, respectively.

New Zealand will release Q2 data for building volume, and also see August results for the commodity price index from ANZ.

Building volume is expected to add 1.6 percent on quarter after sliding 3.5 percent in Q1. The commodity price index sank 0.8 percent in July.

Hong Kong will see August figures for its business PMI; in July, the score was 51.3.

South Korea will provide August numbers for current account; in July, the surplus was $7.01 billion.

The Philippines will release August numbers for consumer prices. Forecasts suggest an increase of 2.8 percent on year, easing from 3.0 percent in July.

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