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Australia Rate Decision On Tap For Tuesday


The Reserve Bank of Australia will wrap up its monetary policy meeting on Tuesday and then announce its decision on interest rates, highlighting a busy day for Asia-Pacific economic activity. The RBA is expected to hike its benchmark lending rate by 25 basis points, from 4.10 percent to 4.35 percent.

Australia also will see June figures for building approvals, home loans and commodity prices. In May, approvals were up 20.6 percent on month and down 2.6 percent on year, while home loans gained 4.0 percent on month. Commodity prices are tipped to slide 19.0 percent on year after shedding 21.5 percent in the previous month.

Japan will provide June numbers for unemployment; the jobless rate is expected to ease to 2.5 percent from 2.6 percent in May, with the job-to-applicant ratio improving to 1.32 from 1.31.

South Korea will release June numbers for imports, exports and trade balance. Imports are expected to tumbled 24.6 percent on year after slipping 11.7 percent in May. Exports are called lower by an annual 14.5 percent after shedding 6.0 percent in the previous month. The trade surplus is pegged at $3.03 billion, up from $1.13 billion a month earlier.

Hong Kong will provide June numbers for retail sales, with forecasts calling for an increase of 26.7 percent on year, accelerating from 18.4 percent in May.

Indonesia will release June numbers for consumer prices, with forecasts suggesting an annual increase of 3.11 percent for overall inflation and 2.50 percent for core CPI. In May, overall inflation rose 3.52 percent on year and core CPI added 2.58 percent.

A number of the regional nations are scheduled to see July results for their respective manufacturing PMIs from S&P Global, including Australia (Judo Bank), Indonesia, Japan (Jibun Bank), Malaysia, the Philippines, South Korea, Taiwan, Vietnam and China (Caixin).

Finally, the markets in Thailand are closed on Tuesday for Asarnha Bucha Day and will re-open on Wednesday.

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