RBA Rate Decision On Tap For Tuesday

(RTTNews) - The Reserve Bank of Australia will on Tuesday conclude its monetary policy meeting and then announce its decision on interest rates, highlighting a busy day for Asia-Pacific economic activity. The RBA is widely expected to keep rates on hold ta 2.50 percent.

Australia also will see April data for retail sales and Q1 numbers for current account. Retail sales are expected to add a seasonally adjusted 0.3 percent on month after gaining 0.1 percent in March. The current account is expected to reflect a deficit of A$7 billion following the A$10.1 billion shortfall in Q4.

China will see May results for its non-manufacturing PMI, as well as final May numbers for the HSBC Manufacturing PMI. The non-manufacturing PMI saw a score of 54.8 in April, while the preliminary HSBC score came in at 49.7.

Japan will release April figures for labor cash earnings and May numbers for monetary base. Earnings were up 0.7 percent on year in March, while the base surged an annual 48.5 percent in April.

New Zealand will provide Q1 numbers for terms of trade, with forecasts suggesting an increase of 2.0 percent on quarter following the 2.3 percent increase in the fourth quarter.

Hong Kong will provide retail sales numbers for April; in March, sales were down 1.3 percent on year.