Key events ahead: RBA releases its quarterly Statement on Monetary Policy – Westpac

Analysts at Westpac notes that the RBA releases its quarterly Statement on Monetary Policy at 11:30am Syd/8:30am Sing/HK.  

Key Quotes:

“The statement on Tuesday indicated that they have raised their growth forecasts (3.5% for 2018 and 2019) and reduced their unemployment rate forecasts (4.75% by 2020). Inflation forecasts might be a touch higher. Further detail and explanation of these changes will be in the SoMP as well as the risks around the outlook.

Due at the same time is Australia Sep housing finance approvals. Industry data indicates 1%mth on loans to owner-occupiers but there will be interest again in the value of the struggling investor segment.

China releases Oct consumer and producer price data at 12:30pm Syd/9:30am local. Consensus is 2.5%yr on CPI, 3.3%yr on PPI, neither on the policy radar.

The UK data calendar is very notable. Preliminary Q3 GDP is seen picking up to 0.6%qtr, 1.5%yr, from just 0.4%, 1.2% in Q2. We will also see Sep data on industrial production and construction output.

The US data calendar is second-tier – preliminary November consumer sentiment from the University of Michigan, Oct PPI and revised Sep wholesale sales & inventories, which might prompt slight tweaks of GDP estimates.”