A further slowing in growth
Noteworthy developments last week from the RBA, were: (i) the Deputy Governor attribute most of the recent increase in Australian house prices to an increase in land prices; and (ii) Assistant Governor Chris Kent add the composition of recent Australian growth (and possible mismeasurement issues for services growth) to the list of explanations as to why Australian employment and unemployment outcomes had outperformed expectations despite as expected relatively slow GDP growth.
A quieter week on the Australian data front in prospect, with the focus likely to be the RBA Minutes on Tuesday, FOMC Minutes 4am Thursday and any further developments in the Chinese currency following last week’s liberalisation, which saw a 2.9% fall against the US$ and similar weakness in other Asian currencies and the $A against the US$.
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