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CPI & Retail Sales Focus For The Week Ahead Of RBA

AUSTRALIA DATA

The focus of this week is likely to be May CPI and retail sales, as the last key data before the July 4 RBA meeting.

  • May CPI is expected to ease to 6.1% y/y from 6.8% the previous month. April had surprised to the upside due to base effects and data watchers will be hoping it moderates again ahead of the next RBA decision. Analysts’ forecasts are between 5.6% and 6.9%.
  • On Thursday, retail sales for May are out and are expected to rise 0.1% m/m after no change in April. Forecasts are in a wide range of +0.4% to -2.0%.
  • Q2 job vacancies are also on Thursday. Last quarter they fell 1.5% q/q.
  • Friday, the RBA’s private credit series print. The total has been trending down but is still expected to rise 0.4% m/m.
  • There are no data or RBA events on Monday and Tuesday.

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