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Financial News: Australia Interest Rate Decision On Tap For Tuesday

Australia Interest Rate Decision On Tap For Tuesday

06/01/2020 - 18:00:00 (RTTNews)

(RTTNews) - The Reserve Bank of Australia will on Tuesday conclude its monetary policy meeting and then announce its decision on interest rates, setting the pace for a busy day for Asia-Pacific economic activity. The RBA is expected to keep its benchmark lending rate unchanged at the record low of 0.25 percent.

Australia also will see Q1 numbers for current account. In the previous three months, the current account surplus was A$1.0 billion, while business inventories were up 0.3 percent on quarter and company gross profits sank 3.5 percent.

South Korea will release final Q1 numbers for gross domestic product. Last month's preliminary reading suggested a decline of 1.4 percent on quarter and an increase of 1.3 percent on year in Q1 following the 1.3 quarter increase and the 2.3 percent yearly gain in the three months prior.

South Korea also will see May figures for consumer prices; in April, overall inflation was down 0.6 percent on month and up 0.1 percent on year, while core CPI fell 0.2 percent on month and rose 0.1 percent on year.

New Zealand will provide April numbers for building permits and Q1 data for terms of trade. In March, building permits plummeted 21.3 percent on month while terms of trade were up 2.6 percent on quarter in Q1.

Indonesia will see May results for inflation and for the manufacturing PMI from IHS Markit. In April, overall inflation was up 0.1 percent on month and 2.7 percent on year, while core CPI climbed 2.9 percent on year. The manufacturing index score was 27.5.

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