I’ve posted previews for the Australian inflation data and the RBNZ deciison.
Australia:
- Australia CPI preview: banks see 1.0% core rise, above the RBA’s 0.8% forecast
- and from Greg: AUDUSD trades up and down in a 35 pip trading range over the last 3 days. Look for a break?
RBNZ:
- Preview: RBNZ set to lift OCR to 3% ahead of election as oil and weak kiwi fuel inflation
- NZIER Shadow Board majority backs 25bp RBNZ hike to 3% as oil and weaker kiwi bite
Also on the agenda are senior RBA officials speaking:
Bullock and her senior team, including Deputy Governor Andrew Hauser, appear before the Senate Economics Legislation Committee’s Supplementary Budget Estimates hearing by videoconference from 11:15 am AEDT (00:15 GMT, 20:15 US Eastern on Tuesday). She will likely still be taking questions when the September quarter CPI lands at 11:30 am AEDT (00:30 GMT), so any comments on the result could come almost in real time.
The major banks broadly expect quarterly trimmed mean inflation of around 1.0%, above the RBA’s August forecast of 0.8%, with the annual rate near 3.6%. An upside surprise would strengthen the case for further tightening when the RBA Board meets on November 2 and 3.
Then at 2 pm NZDT (01:00 GMT, 21:00 US Eastern), the RBNZ is widely expected to lift its official cash rate 25 basis points to 3%, ten days before New Zealand’s general election. With a hike largely priced, the guidance may matter more for the New Zealand dollar than the move itself.
Our previews of the CPI data and the RBNZ decision, published earlier this week, have more detail.
This article was written by Eamonn Sheridan at investinglive.com.