A huge week for local markets with a raft of data which will give a window into the post-budget Australian economy.
It’s a bank holiday in Australia but June retail sales is out today before the RBA board meting and Governor’s Statement tomorrow. No-one expects the RBA to move but traders will be hanging off the Governor’s words – especially about the growth and inflation profile – and paying attention to any comments about the Aussie dollar.
ANZ Job ads and TD Inflation are important indicators as is the trade balance and then on Thursday we see the release of the June Australian employment report. Interestingly while the market is looking for somewhere near 15,000 jobs created Westpac is less optimistic looking for just 5,000 jobs.
Overseas services PMI’s in China the US and Europe are out together with the BoE and ECB meeting results which will be released on Thursday. Productivity and labour costs in the US on Friday and although they are only partials they are important for the Fed outlook.
Here is Westpac’s excellent calendar of all the developed world data that matters.