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Financial News: Australia Rate Decision On Tap For Tuesday

Australia Rate Decision On Tap For Tuesday

06/06/2022 - 18:01:00 (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 modest day for Asia-Pacific economic activity. The RBA is expected to hike its benchmark lending rate by 25 basis points, from 0.35 percent to 0.60 percent.

Australia also will see May results for the Performance of Services Index from the Australian Industry Group and April figures for building permits. In April, the service index score was 57.8, while building permits plummeted 19.2 percent on month in March.

Japan will release April numbers for household spending, average cash earnings and for its leading and coincident economic indexes. Household spending is tipped to rise 1.3 percent on month and fall 0.8 percent on year after gaining 4.1 percent on month and falling 2.3 percent on year in March.

Average cash spending was up 1.2 percent on year in March, while the leading economic index had a score of 100.8 and the coincident was at 97.5.

Taiwan will provide May data for consumer prices; in April, overall inflation was up 0.39 percent on month and 3.38 percent on year, while wholesale prices surged an annual 15.07 percent.

The Philippines will see May data for consumer prices, with forecasts suggesting an increase of 5.5 percent on year after gaining 4.9 percent in April.

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