We will start our news from the Asian continent, as the most important event in Asia has been issued today, which is the RBA’s meeting minutes, where the bank saw that current policies suites current economic environment especially after its previous rate cut and Aussie’s drop. The bank also noted that inflation rates will remain in the safe-zone despite the current fall of Australian dollar, while the bank sees Aussie may record further drop amid the recent curbed trade exchange. RBA noted that current inflationary rates may leave the room for the bank and its policymakers to reduce the interest rate during the upcoming period. On the other hand, the Asian Development Bank downgraded its growth forecast for Asia-Pacific region amid the recent noticeable slowed performance in China and the current curbed demand from the other industrial economies. Moreover, ADB has downgraded its growth forecasts for Asian region to 6.3% in 2013, down from its previous estimates of 6.6%. At the same time, 2014’s growth forecast also was cut to 6.4% down from 6.7%, where this growth estimates cut may leave its negative impact on markets especially in China’s trade activities. In China, the number of home transactions increased in June by 24%, keeping in mind that the Chinese government is working to slow the market. Total sales recorded 2.82 trillion Yuan in the first six months of this year, which is 46% higher that the number recorded in the same period last year. Today, in Europe, we are expecting some important data from the UK and the euro zone, where data will be released concerning the consumer price index and producer price index in addition to the retail price index in the UK, while in the euro zone, the consumer prices index and the trade balance and ZEW economic sentiment will be released today. In the US, also the CPI for the month of June will be released.
Posted on: Tue, 16 Jul 2013 07:26:08 +0000
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