RBA to cut due to revisions to May CPI?- Westpac

Analysts at Wrstac offered the economic event risks today for Asia.

Key Quotes:

"NZ: QV house prices for July are reported. Then we have the NZ market highlight: RBNZ inflation expectations survey which contains downside risks given it was conducted shortly after a disappointingly low Q@ CPI outturn. Tonight’s GDT dairy auction should result in higher WMP prices, according to NZX futures.

Australia: Today’s market highlight will be the RBA decision. We expect a 25bp cut to 1.5% given Q2 CPI confirmed RBA's low inflation outlook after substantial revisions to prior forecasts in May. Data releases include building approvals and the trade balance. High rise approvals have created a very\ choppy profile in recent months. Abstracting from this volatility, activity in non-high rise looks well supported. Exports are expected to fall 1.5% on prices and volumes. Imports are seen down 0.4%.

US: Personal consumption and income for June. Wages are seeing solid gains and headline inflation is slowly tending towards target. But consumption remains somewhat disappointing."