Australia CPI data highlights another quiet release day in the Asian Pacific markets

The economic calendar is light in the new trading day. The weekly private API data will start the session when it is released at 5:30 PM ET.

Later at 9:30 PM ET, the Australia month CPI for July will be released.

The monthly CPI data from Australia does not show all components of the CPI, that’ll have to wait for the quarterly data release.

The monthly CPI indicator does, however, provide a timelier indication of inflation using the same data collected for use in the quarterly CPI. The monthly reading includes updated prices for between 62% and 73% of the weight of the quarterly CPI basket, its not the full picture.

Looking ahead,

• September 25:
  *Monthly Consumer Price Index indicator for August
• October 30:
  *September Quarter 2024 – this is the biggie! Also released on that day will be the monthly Consumer Price Index indicator for September

The next RBA meeting following the quarterly CPI due on October 30 is on 4 and 5 November. Hence it will be key for the central bank but still a ways off:Nevertheless, for July:

• CPI MoM SA, no est. Last month 0.4%
• CPI SA YoY, Last month 3.9%
• Weighted CPI YoY for July 3.4% vs 3.9%
• Construction Work Done in Q2 will also be released at 9:30 PM ET with estimate at 0.7% vs -2.9% last quarter.

Looking ahead to the European and US sessions:

• FOMC voting member Waller speaks in Mumbai at 1:15 AM
• UBS economic expectations index for Switzerland will be released at 4 AM ET. Last month 9.4
• BOE MPC member Mann speaks at 8:15 AM ET
• US crude oil inventory data will be released at 10:30 AM ET
• After the US stock market close on Wednesday Nvidia, Salesforce and CrowdStrike will all report their earnings. The focus will be mostly on Nvidia.
• Later at 6 PM, Fed’s Bostic will speak.

This article was written by Greg Michalowski at www.forexlive.com.