The Reserve Bank of Australia June monetary policy announcement and statement is due today
- At 0430GMT
I posted a preview here earlier:
Another few snippets now, bolding mine:
ANZ:
- We will be looking to see whether the RBA has become more cautious on the outlook for housing given the recent data points. Even if this is the case we think the Bank will remain upbeat overall, with "further progress in reducing unemployment and having inflation return to target" still being expected.
CBA:
- Tuesday's RBA Board Meeting will see the Bank leave policy on hold in June. Comments from the Governor on the Q1 wages data, published in April, and the housing market will be of most interest to financial market participants.
- The RBA are expected to continue to sound upbeat on the outlook for the Australian economy. But it's clear that the policy rate is going to stay on hold for a while longer given there is no evidence yet that wages growth and core inflation are on a sustained upward trend.
TD:
- Nothing has evolved in recent weeks to move the needle for the neutral RBA. Most activity indicators have unfolded as expected, while Q1 wages growth at 2.1% y/y fell short of the Bank's rhetoric of a "gradual" lift higher.
- GDP growth looks like it is set to rebound back to trend in Q1 after a temporary dip in Q4. Overall, the scope for surprises is rather slim.
