Coming up from Australia today ...

2330GMT - Australian Industry Group Performance of Construction index, AKA the AiG Construction PMI, for July

  • prior was 46.4

Earlier in the week we had the manufacturing and then the services PMIs, both of which improved on the month. Today's PMI is likely to be an improved reading also.

Of more of a market focus, though, due at 0130GMT ... housing finance data for June from the Australian Bureau of Statistics.

0130GMT - Home loans for June m/m,

  • expected is +5.0%, prior was -6.1%

Investment lending m/m,

  • prior was -3.2%

Owner-occupied loan value m/m,

  • prior was -5.3%

The 'Investment lending' will be keenly watched, its been housing investment (rather than owner-occupiers) that's been largely held to blame for what many see as an unsustainable surge in Sydney and Melbourne house prices. Macro prudential tools have been used, and will continue to be used, to try to combat the investment surge ... but if recent data from New Zealand is anything to go by they won't be very successful (NZ house price rises - fastest since 2007).

Also due today, and also at 0130GMT, we get the Reserve Bank of Australia's quarterly Statement on Monetary Policy (which gets abbreviated to SoMP). I'll have a preview of this coming up.