Australia CPI preview shows banks expect 1.0% core rise; RBNZ set to lift OCR to 3%; RBA's Bullock testifies.
Previews of the Australian inflation data and the RBNZ decision have been published.
Australia:
RBNZ:
Senior RBA officials are also scheduled to speak.
Governor Bullock and her team, including Deputy Governor Andrew Hauser, are set to testify via video before the Senate Economics Legislation Committee's Supplementary Budget Estimates hearing starting at 11:15 am AEDT (00:15 GMT, 20:15 US Eastern on Tuesday). The questioning may still be ongoing when the September-quarter CPI is released at 11:30 am AEDT (00:30 GMT), meaning her remarks on the data could arrive almost instantly.
Major banks generally anticipate quarterly trimmed mean inflation of about 1.0%, exceeding the RBA's August estimate of 0.8%, and an annual rate around 3.6%. A higher-than-expected reading would reinforce the argument for additional tightening at the RBA Board's November 2-3 meeting.
At 2 pm NZDT (01:00 GMT, 21:00 US Eastern), the RBNZ is forecast to raise its official cash rate by 25 basis points to 3%, just ten days ahead of New Zealand's general election. Since the increase is already largely factored in, the accompanying guidance could have a greater impact on the New Zealand dollar than the rate change itself.
More information is available in the previews of the CPI data and the RBNZ decision that were released earlier this week.
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