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RBA minutes, Abe announcement eyed - Westpac

FXStreet (Bali) - Sean Callow, FX Strategist at Westpac, breaks down the key events to watch for on Tuesday, including the RBA minutes, and a more than likely announcement by Japan PM Abe to delay a sales tax hike and set a date for a snap election.

Key Quotes

"The minutes from the RBA Board’s Nov meeting are due at 11:30am Syd/8:30am Sing/HK. Given that we have already seen the Statement on Monetary Policy since the 4 Nov meeting, there should be limited room for surprise. Inflation is on target and concern over housing seems to have eased. Growth is still sub-trend but the RBA has indicated that it doubts another rate cut would have much impact in the timing of recovery in investment outside mining. AUD should be declared to be “above most estimates of its fundamental value.” For some fresher commentary, Governor Stevens is due to speak on the Australian economy at a dinner function in Melbourne, from 7:25pm Syd/4:25pm Sing/HK."

"Japan PM Abe could announce a delay in the planned rise in the consumption tax today, from Oct 2015 to perhaps April 2017, following the dismal Q3 GDP contraction which meant the economy has contracted for 6 months following the 1 April tax rise."

"The latest Global Dairy Trade auction takes place during London/NY trade. In the US, we will see Oct PPI, Sep capital flows (TIC) data and probably most market-sensitive, the Nov NAHB housing market index. This is expected to tick up to 55 from 54 (% of homebuilders seeing positive business conditions)."

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