All Eyes Turn To Australia Tonight!

australia satellite

Photo: commons.wikimedia.org

Don’t get caught with your pants down this evening. The country that’s been truly on the vanguard of the global tightening cycle is set to reveal its next policy move tonight:Bloomberg:

Governor Glenn Stevens will boost the Reserve Bank of Australia’s overnight cash rate target to 4 per cent from 3.75 per cent, according to 14 of 19 economists surveyed by Bloomberg.

Traders have increased bets Stevens will move after reports showed yesterday that company profits surged last quarter and manufacturing expanded at the fastest pace in more than two years. Retail sales probably rose in January, a separate release may show before today’s decision is announced at 2:30 p.m. in Sydney, helping bolster the case for higher borrowing costs.

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