In Australia, RBA Governor Lowe said rates will likely remain unchanged for quite some time, repeating his previous positions. In the US, the Fed meeting minutes showed confidence about the economy and about the inflation target. And indeed, core inflation really advanced to 2.1%. Concerns about Syria weighed on markets. However, after the airstrikes and the lack of any follow-up, the mood will likely be positive again.
Major events in the coming week:
- Monetary Policy Meeting Minutes: Tuesday, 1:30. RBA left the interest rate unchanged in March. The meeting minutes will likely confirm the neutral stance while expressing concern around wages and debt amid satisfaction about job growth and the global expansion.
- Chinese GDP: Tuesday, 2:00. This will be the first read of Chinese GDP for Q1 and many suspect the data may be inaccurate. The annualized growth rate in Q4 2017 was 6.8%, in line with the goals of the government. A repeat of this figure is projected for Q1 2018.
- MI Leading Index: Wednesday, 00:30. The Melbourne Institute’s Leading Index provides a wide overview of the economy. After a rise of 0.3% in February, March could see a more moderate growth rate.
- Jobs report: Thursday, 1:30. Australia has seen a moderate increase in jobs back in February: 17.5K. The unemployment rate stood at 5.6%. Expectations are slightly higher this time: a gain of 20.3K jobs and an unemployment rate of 5.5%.
- NAB Quarterly Business Confidence: Thursday, 1:30. This wide survey of around 1000 businesses dropped to 6 points in Q4 2017. The figure for Q1 may be similar, but watch out for revisions: many of the previous reports contained upwards revisions to previous numbers.
(All times are GMT)
