It’s a busy day coming up on the economic data calendar from Asia today. As always there will be news and comments from officials in the mix also.
Further out, on Monday in the US, something to watch out for is President Trump will announce he is asking U.S. Trade Representative Robert Lighthizer to determine if an investigation is warranted into Chinese trade practices that force U.S. firms operating in China to turn over intellectual property.
OK, from this timezone here today,:
2230GMT – New Zealand – Services PMI for July, prior 58.6
2245GMT – New Zealand – Q2 retail sales data (excluding inflation),
- expected +0.7% q/q, prior +1.5%.
New Zealand data has been ‘surprising’ to the downside, expectations for NZ are high and the optimism, to the extent it has led to the NZD running ahead, is part of what has been weighing on the NZD. A beat on the Q2 retail sales should be a supportive input for the currency though.
2335GMT – Reserve Bank of Australia’s Christopher Kent, Assistant Governor (Financial Markets), speaks at the Moody’s Conference in Sydney. His comments on the economic outlook and policy (if any) will be in line with RBA views expressed in the recent SoMP and Governor Lowe’s testimony last week:
2350GMT – Japan GDP for Q2 – advance
- GDP (seasonally adjusted) for Q2, preliminary, q/q: expected 0.6%, prior 0.3%
- GDP Annualized (seasonally adjusted) for Q2, preliminary y/y: expected 2.5%, prior 1.0%
- GDP Nominal (seasonally adjusted) for Q2, preliminary q/q: expected 0.7%, prior -0.3%
- GDP Deflator y/y for Q2, preliminary: expected -0.5%, prior -0.8%
- GDP Consumer Spending y/y for Q2, preliminary q/q, expected is 0.5%, prior was 0.3%
- GDP Business Spending y/y for Q2, preliminary q/q: expected 1.2%, prior was 0.6%
I’ll be back with more on Japanese GDP for the April – June quarter but as you can see from the expectations for the preliminary reading, economic activity has picked up. For the BOJ though, inflation (the…