Reserve Bank of Australia due at 0330 GMT:
- RBA October monetary policy decision and statement due Tuesday - previews
- Reserve Bank of Australia announcement/statement today - preview
I posted also on an AUD trade reco:
Ahead of the RBA, building approvals data due at 0030 GMT:
- expected 1.0% m/m, prior -1.7%
- expected -17.2% y/y, prior -13.9%
What to expect from the data? Previews:
NAB:
Building Approvals Tuesday with the market looking for a 1.0% m/m increase. One notable feature of recent months is the slight upturn in house approvals, while apartment approvals have stabilised after falling sharply earlier in the year.
ANZ:
ANZ believe building approvals increased 1.2% m/m in August. This is consistent with our view that we have already seen most of the trend decline in approvals, which are now 15% lower than last year's peak. Solid housing finance commitments and market sentiment suggest approvals and, therefore, construction activity will remain around these still-solid levels.
Westpac:
- Dwelling approvals dipped 1.7% in July, but were coming off an 11.7% jump in June. Approvals are still down 13.9% vs their high a year ago but over recent months have shown signs of stabilisation for high rise and firming across non high rise segments.
- Construction-related housing finance approvals suggest the lift in non high rise activity gathered steam through the middle of the year, annual growth lifting above 10%. While we expect high rise approvals to take another leg lower, a strong lift in the considerably bigger non high rise segment is expected to dominate in the Aug month, producing a 2% rise in approvals overall. Potentially large offsetting moves make the estimate more uncertain than usual
