Tuesday's session was marked by Australian Building Approvals and Current Account data. The trend estimate for total dwellings approved rose 1.2% in April and has risen for five months. The seasonally adjusted estimate for total dwellings approved rose 3.0% in April and has risen for two months. Analysts were anticipating fall by 3.1%. The seasonally adjusted estimate of the value of total building approved rose 18.3% in April following a fall of 4.3% in the previous month. The value of residential building rose 8.4% and has risen for three months. The value of non-residential building rose 47.3% after falling for four months.

Separate report showed that the current account deficit, seasonally adjusted, decreased $1,837m (8%) to $20,794m in the March quarter 2016. The deficit on the balance of goods and services decreased $2,824m (26%) to $8,114m. The primary income deficit increased $979m (9%) to $12,084m. In seasonally adjusted chain volume terms, the surplus on goods and services increased $4,731m (60%) from $7,880m in the December quarter 2015 to $12,611m in the March quarter 2016.

Focus of the Wednesday's session was on GDP data. Australia’s economy grew at the fastest pace in four years last quarter  even as diminishing inflation pressures spurred the central bank to cut interest rates in May. Gross domestic product rose 1.1% from three months earlier, when it gained a revised 0.7%, and beat economists’ estimates for 0.8% increase. From a year earlier, the economy expanded 3.1%, compared with estimates for a 2.8% gain. Expansion was driven by a 4.4% jump in exports, which added 1 percentage point to growth; and a 0.7% increase in household spending.

From China, Manufacturing PMI data was released. China’s official factory gauge remained above the dividing line that signals improving conditions for a third month, adding to recent evidence of stabilization in the world’s second-largest economy. The Manufacturing purchasing managers index stood at 50.1 in May, the nation’s statistics agency said Wednesday, matching April’s level and compared with median estimate of 50 in a Bloomberg News survey of economists. The non-Manufacturing PMI was at 53.1 compared with 53.5 in April.

A separate PMI reading from Caixin Media and Markit Economics fell to 49.2 in May, matching economists’ estimates and down from 49.4 in April. The lack of any pick-up in external trade underscores the economy’s reliance on domestic industries, said Iris Pang, senior economist for greater China at Natixis SA in Hong Kong. "Domestic growth is mostly supported by real estate and related industries such as cement and steel, indicating leverage in zombie companies remains high," she said. "The situation will continue as monetary policy is relaxed and fiscal stimulus is likely to continue."

Thursday was marked by Retail Sales and Trade Balance figures. The trend estimate rose 0.2% in April 2016. This follows a rise of 0.2% in March 2016 and a rise of 0.2% in February 2016. The seasonally adjusted estimate rose 0.2% in April 2016. Analysts were predicting 0.3% increase. This follows a rise of 0.4% in March 2016 and a rise of 0.1% in February 2016. In trend terms, Australian turnover rose 3.4% in April 2016 compared with April 2015.

Separate report on Trade Balance showed that in trend terms, the balance on goods and services was a deficit of $1,943m in April 2016, a decrease of $434m (18%) on the deficit in March 2016. In seasonally adjusted terms, the balance on goods and services was a deficit of $1,579m in April 2016, a decrease of $392m (20%) on the deficit in March 2016.

This week markets will be looking at:

Cash Rate/RBA Rate Statement (Monday 6:30)

China Trade Balance (Wednesday)

China CPI/PPI (Thursday 3:30)