The focus during the early part of this week is on the RBA meeting Tuesday June 4:
Early preview here:
The following day the GDP data for Q1 in Australia comes out.
but, for today, we get indicators for the GDP data:
- Due at 0130GMT
- Company operating profit for Q1, expected is 2.8% q/q, prior was 0.8%
- Company inventories for Q1 (sa) expected is 0.0% q/q change, prior was -0.2%
Profits are expected to be solid indeed, pushed along by higher commodity prices 9and slow wage growth plays a part too).
Inventory will feed into the GDP data. The slower economy has seen inventory build ups slow alongside. A flat result is the expected today, in keeping with that trend. And thus a flat contribution to GDP.
Neither data point is expected to have too much immediate AUD impact.