RBA Leaves Interest Rate Static

Analisi Giornaliera - 05/07/2016

Benchmark Interest Rate Unchanged at 1.75%


The RBA said that the markets continued to adjust to Brexit risks, and on domestic factors the central bank said that low rates were supporting demand alongside a weaker AUD. Further assessment of inflation and growth is required, said the bank, and it is appropriate to keep rates unchanged until then.

Australian Building Approvals Fall More Than Expected

Building approvals in Australia for the month of May fell at a faster than expected pace, data from the Australian Bureau of Statistics showed on Monday. On a seasonally adjusted basis, the total dwelling approvals fell by -5.20% on a month over month basis. The median forecast estimates was for a decline of -3.50%. The declines reversed April's gains of 3.30% increase on a month over month basis. This marks the first decline in three months. The data validates previous numbers from the HIA which showed that new home sales continued to decline at a steady pace.


Eurozone Investor Confidence Falls in July

Preliminary survey results conducted by Sentix showed that investor confidence tumbled to one and half year lows in the Eurozone. Optimism over a recovery in the region was dampened by the UK's surprise referendum to leave the EU. According to the results, confidence fell to 1.7 in July, compared to 9.9 in June. July's investor confidence reading marks the lowest since January of 2015.


UK Construction PMI Falls More Than Expected

Construction services in the UK fell more than expected, according to data from Markit and CIPS on Monday. The Purchase Managers Index fell to 46.0 in June, marking a 7-year low after May's 51.2 reading. Analysts were expecting to see the construction PMI index fall to 50.5. With June's reading, the UK's construction sector is now in contraction. Survey respondents linked the downturn in business activity to uncertainty from the EU referendum vote.


Canada’s Manufacturing PMI Slows in June

Canadian manufacturing saw a slowdown in its recovery at the end of the second quarter. Data from Markit released on Monday showed that the RBC manufacturing PMI registered 51.8 in June, compared to 52.1 in May. Output, new business and employment growth all declined since May while export orders remained unchanged. Canadian manufacturers indicated a marginal upturn in new business volumes however. Manufacturers noted that a stronger US dollar could drive further exports but were cautious overall.


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