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:

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: