anticipation of Inflation and Retail Sales data
- Perpetual 'risk-off' sentiment persists with Australia's economic bearing heavily influenced by worries over Chinese economic slowdowns. Attention will turn toward June's and Q2 CPI data on Wednesday.
- Similar to Q1, Australia’s Q2 headline Consumer Price Index (CPI) is projected to manifest a rise of 1.0% QoQ while anticipating an acceleration to 3.8% YoY from the previous 3.6%. Concurrently, the June headline CPI is predicted to drop to 3.8% YoY.
- With the inflation rate substantially outreaching the 2-3% target range, the RBA is projected not to hastily alter its policy. In that sense, the swaps market is seeing the first 25 bps cut next summer.
- Q2 will also watch the release of real Retail Sales data on Tuesday. Retail Sales volume for Q2 is predicted to show a less severe decline of 0.2% QoQ, comparatively lesser than Q1's 0.4%.
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