5 in 5 with ANZ
5 in 5 with ANZ
Tuesday: Australian wages in RBA's sights
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Current time: 0:00 / Total time: -9:47
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Tuesday: Australian wages in RBA's sights

Global markets stable ahead of US CPI this week; Australian wages today being closely watched by RBA; India CPI dips below RBI target mid-point; ANZ's Mahjabeen Zaman on the US dollar-yen's wild ride

Global markets were stable overnight ahead of US price data later this week. Australian wages data today will be watched closely by the RBA, and India’s CPI dips below 4%, although perhaps only temporarily.

In our bonus deep dive interview, ANZ Head of FX Research Mahjabeen Zaman says the US$-yen appears to have bottomed out for now after a wild couple of weeks.

5 things to know:

  1. Global equity markets were stable overnight ahead of an important week for US inflation and retail sales data. ANZ Head of G3 Economics Brian Martin says recent anxiety that the US economy is heading to recession is overblown.

  2. Australian wages figures for the June quarter later today will be watched closely by the RBA and markets trying work out whether inflation is cooling enough to avoid another rate hike, says ANZ Australia Senior Economist Catherine Birch.

  3. The RBA will be watching NAB business confidence figures for July, also due later today. A particular area of interest will be what businesses are saying about their costs, and what they’re doing with prices, Catherine says.

  4. India’s headline inflation rate edged under the Reserve Bank of India’s 4% target midpoint in July, slightly below forecasts. ANZ Economist Dhiraj Nim cited the reversing out of 2023’s tomato price shock, which the RBI is likely to look through.

  5. It’s a big week in New Zealand, with an on-edge RBNZ Monetary Policy Review on Wednesday. Before that is June net migration data today which ANZ New Zealand Chief Economist Sharon Zollner is watching to see if the weak monthly inflow in May is the start of trend.

Cheers

Bernard

PS: Catch you tomorrow with a look ahead to that live official cash rate decision in New Zealand.

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