Separate report on Final China's Manufacturing PMI data showed increase to 50.7 in February, compared to the earlier flash reading of 50.1. This was up from January’s reading of 49.7, and signalled the first improvement in the health of the sector since last October, albeit marginal.

From Australia, on Tuesday, Building Approvals and Current Account data was released.The seasonally adjusted estimate for total dwellings approved rose 7.9% in January following a fall of 2.8% in the previous month. 1.8%decline was anticipated. Private sector houses rose 0.4% in January and has risen for two months, while private sector dwellings excluding houses rose 19.6% in January following a fall of 9.4% in the previous month. The seasonally adjusted estimate of the value of total building approved rose 28.7% in January following a fall of 10.9% in the previous month.

Separate report on Current Account showed that current account deficit, seasonally adjusted, fell $2,542m (21%) to $9,588m in the December quarter 2014. Smaller decrease to $10,900m was forecasted. The deficit on the balance of goods and services fell $1,469m (38%) to $2,430m in the December quarter 2014. The primary income deficit fell $1,067m (14%) to $6,621m.

However, the focus of the session was on RBA interest rate decision. While analysts were anticipating cut in interest rates RBA "judged that, having eased monetary policy at the previous meeting, it was appropriate to hold interest rates steady for the time being. Further easing of policy may be appropriate over the period ahead, in order to foster sustainable growth in demand and inflation consistent with the target," a statement said. "The Board will further assess the case for such action at forthcoming meetings."

Morning part of Wednesday's session was marked by Australian GDP data. Australian GDP increased by 0.5% in the December quarter, missing forecasts on 0.7% growth. The Terms of trade decreased 1.7%, and Real gross domestic income increased 0.2%. In seasonally adjusted terms, the main contributors to the increase in expenditure on GDP were Net exports and Final consumption expenditure.

Thursday brought Australian Retail Sales and Trade Balance figures. Retail Sales rose 0.4% in January 2015, in line with market predictions. It follows a rise of 0.2% in December 2014 and a relatively unchanged (0.0%) November 2014. The following industries rose in trend terms in January 2015: Household goods retailing (0.3%), Food retailing (0.1%), Clothing, footwear and personal accessory retailing (0.7%), Cafes, restaurants and takeaway food services (0.3%) and Department stores (0.5%). Other retailing (-0.2%) fell in trend terms in January 2015.

Separate report on Trade Balance showed $980 million deficit, also in line with market forecasts. In seasonally adjusted terms, goods and services credits rose $343m (1%) to $27,529m, while goods and services debits rose $820m (3%) to $28,509m.

This week markets will be looking at:

ANZ Job Advertisements (Monday 1:30)

NAB Business Confidence (Tuesday 1:30)

Chinese CPI/PPI (Tuesday 2:30)

Chinese Industrial Production (Wednesday 6:30)

Employment Change/ Unemployment Rate (Thursday 1:30)