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Financial News: Australia Rate Decision On Tap For Tuesday

Australia Rate Decision On Tap For Tuesday

03/06/2023 - 17:30:00 (RTTNews)

(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 hike its benchmark lending rate by 25 basis points, from 3.35 percent to 3.60 percent.

Australia also will see January numbers for imports, exports, trade balance and retail sales. In December, imports were up 1.0 percent on month and exports fell 1.0 percent for a trade surplus of A$12.237 billion. Retail sales are expected to rise 1.9 percent on month after sinking 4.0 percent in December.

Japan will provide January data for average cash earnings, with forecasts suggesting an increase of 1.9 percent on year - slowing from 4.8 percent a month earlier.

South Korea will see Q4 numbers for gross domestic product, with forecasts calling for a fall of 0.4 percent on quarter and a gain of 1.4 percent on year. That follows the 0.3 percent quarterly increase and the 3.1 percent yearly gain in the three months prior.

Taiwan will release February figures exports and trade balance. Inflation is expected to rise 2.66 percent on year, easing from 3.04 percent in January. Imports are tipped to sink 9.60 percent on year after dropping 16.60 percent in the previous month. Exports are called lower by an annual 11.60 percent after tumbling 21.2 percent a month earlier. The trade surplus is pegged at $3.91 billion, up from $2.34 billion in January.

China will see February data for imports, exports and trade balance. Imports are expected to slip 5.3 percent on year after dropping 7.5 percent a month earlier. Exports are seen lower by 10.0 percent after sinking 9.9 percent in January. The trade surplus is pegged at $80.90 billion, up from $78.00 billion in the previous month.

Thailand will provide February numbers for consumer prices, with overall inflation tipped to rise 4.20 percent on year - down from 5.02 percent in January. Core CPI, which excludes volatile food prices, is seen higher by an annual 2.05 percent, slowing from 3.04 percent a month earlier.

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