The m/m building permits data is encouraging, but the poor y/y trend takes much of the shine off.
Australia job advertisements dipped 0.1% m/m in September. Despite being down that’s not too bad a result given the strong growth in August.
- for the y/y -8.2%
Job ads are 50% higher than pre-covid levels
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The focus for Australia for the session is the Reserve Bank of Australia policy decision due at 2.30pm local time, which is 0330 GMT and 11.30pm US Eastern time.
(spoiler – on hold expected)
- RBA policy announcement due Tuesday, 3 October 2023 – preview
- RBA policy decision due Tuesday, 3 October 2023 (Sydney time) – “a certain hold”
- RBA policy meeting – on hold expected
- Rising Australian inflation, “its not safe to conclude that the RBA rate cycle has peaked”
- Further ahead:
- (yet to come) the November RBA meeting is still live
- Australian fund manager says there’s a 40% chance of an RBA rate hike in November/December
This article was written by Eamonn Sheridan at www.forexlive.com. Source