Yesterday, from Australia, only RBA Meeting Minutes were released.As it was anticipated RBA Meeting Minutes did not bring anything new, especially since three days after November 4 meeting RBA released its quarterly Monetary Policy Statement. According to the the Minutes "despite the recent depreciation of the exchange rate, the Australian dollar remained above most estimates of its fundamental value, particularly given the further declines in key commodity prices over the course of the year to date. As a result, the exchange rate was offering less assistance than would normally be expected in achieving balanced growth in the economy. " "Board judged that the current accommodative stance of monetary policy continued to be appropriate to foster sustainable growth in demand and inflation outcomes consistent with the target over the period ahead. Members considered that the most prudent course was likely to be a period of stability in interest rates ", it was concluded in RBA outlook on monetary policy. US session was marked by PPI figures.The Producer Price Index for final demand rose 0.2% in October, seasonally adjusted, beating expectations on 0.1% fall. This increase followed a 0.1% decline in September and no change in August. On an unadjusted basis, the index for final demand advanced 1.5% for the 12 months ended in October, the smallest 12-month increase since a 1.2% rise in February 2014. Core PPI increased by 0.4%. Analysts were anticipating 0.2% incline. Tomorrow, there will be no data releases on an Australian data front, so we can expect a steadier morning part of the session. In the US session Building Permits and Housing Starts figures are scheduled for a release as well as FOMC Meeting Minutes. Both Housing Starts and Building Permits data should show figure slightly above 1 million. However, focus of the session will be on FOMC Meeting Minutes as markets are anticipating further hints on rate hike. Figures to watch: Building Permits/Housing Starts (Wednesday 14:30) FOMC Meeting Minutes (Wednesday 20:00)
Last modified on Tuesday, 18 November 2014