Events that marked the week:
Focus of Tuesday's session was on RBA interest rate decision and the following statement. At its meeting yesterday, the Board decided to leave the cash rate unchanged at 1.50 per cent. In the following Statement the Board stated that inflation picked up to above 2 per cent in the March quarter in line with the Bank’s expectations. In underlying terms, inflation is running at around 1¾ per cent, a little higher than last year. A gradual further increase in underlying inflation is expected as the economy strengthens. Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time.
Thursday's session was marked by Australian Trade Balance figures. In trend terms, the balance on goods and services was a surplus of $3,804m in March 2017, an increase of $265m (7%) on the surplus in February 2017. In seasonally adjusted terms, the balance on goods and services was a surplus of $3,107m in March 2017, a decrease of $550m (15%) on the surplus in February 2017. In seasonally adjusted terms, goods and services credits rose $776m (2%) to $33,343m. In seasonally adjusted terms, goods and services debits rose $1,325m (5%) to $30,235m.
This week markets will be looking at:
Building Approvals (Monday 3:30)
NAB Business Confidence (Monday 3:30)
Retail Sales (Tuesday 3:30)
China's CPI/PPI (Wednesday 3:30)
