The first Reserve Bank of Australia monetary policy meeting for 2018 is today, with the announcement and statement due at 0330 GMT.
- An on hold decision is expected.
I'll have previews to come for this, but here is a few already:
- RBA meet this week - preview
- Australia - RBA meet for the first time in 2018 next week - preview
- AUD traders - RBA meet this week, first for the year - preview
Prior to the RBA we'll get data from Australia today; retail sales and trade balance, both for December.
For the trade balance, this preview via ANZ:
We expect Australia's trade balance to have improved to a surplus of AUD100m in December.
- November's underwhelming result was partially caused by softer-than-expected iron ore and coal exports. Subsequent ports data has been very strong - Port Headland's iron ore exports set a monthly record in December.
- Australia's imports should continue to rise as well, supported by higher oil prices.
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Via Westpac:
Australia's trade balance slipped into deficit in October and November on a dip in exports
For December, we anticipate a return to surplus, a forecast $0.7bn, a $1.3bn turnaround on November, led by a rebound in exports
- Export earnings in December increased by a forecast 4.5%, $1.4bn, centred on iron ore, coal and LNG, reflecting a rebound in volumes and higher prices
- Imports are expected to edge higher, 0.4% (+$0.1bn), on rising volumes. Prices are likely little changed, with the currency consolidating in the month, so too global energy prices.
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National Australia Bank:
- The trade balance is expected to return to surplus, as commodity exports bounce back
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Also due from Australia today, retail sales for December: