The big data event on the economic calendar is Australian Q1 GDP.
But ... whatever its going to be yesterday the Reserve Bank of Australia shrugged it off. Here's what Governor Lowe said about growth:
- Year-ended GDP growth is expected to have slowed in the March quarter, reflecting the quarter-to-quarter variation in the growth figures. Looking forward, economic growth is still expected to increase gradually over the next couple of years to a little above 3 per cent.
(bolding mine). So, yeah, the Bank is complacent comfortable with whatever the GDP result brings. Let them eat cake. I'll have some previews for the GDP to come. I'm gonna go right out on a limb (/sarcasm) and suggest that GDP data will be important for monetary policy going forward.
What else is on the calendar?
China FX reserves for May is on the calendar for today, but there is no scheduled time:
- expected $3046bn, prior 3029.5bn. Big bucks!
2200GMT - New Zealand - ANZ Job Ads for May
- prior +0.4%
2245GMT - New Zealand - Q1 Economic Survey of Manufacturing: March 2017 quarter
- Not likely to move FX too much
2330 - Australia - Construction PMI for May, prior 51.9
- Australian Industry Group Performance of Construction Index
- Not generally a market mover
Earlier this month we've already had from AiG:
- Australia (May) manufacturing PMI: 54.8 (prior 59.2)
- Australia - Services PMI (May): 51.5 (prior 53.0)
2350 - Japan - Official reserve assets
0130GMT - Australia - Q1 GDP
- expected +0.3%, prior +1.1% q/q
- expected +1.6%, prior +2.4% y/y
There is a wide variation in estimates, ranging (for the q/q) from -0.5% to +0.7%. That +0.7% estimate looks to have not been updated since June 2; since then we've had more info come in so it is perhaps a little stale (it may not be, the analyst might be happy with that expectation).
0500GMT - Japan leading and coincident index for April, preliminary
