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RBA on hold, but prepared to do more

Emily Nicol
  • There were no surprises from the RBA's monetary policy meeting, with rates left unchanged at a record low. But with risks to the growth and inflation outlooks skewed to the downside, the Bank is 'prepared' to ease policy further. 

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The week ahead

Emily Nicol
  • While Asian stocks started the week on the front foot, sentiment surveys due this week are likely to signal ongoing sluggish business conditions at the start of Q4. This notwithstanding, the conclusion of the BoE (Thursday) and RBA (Tuesday) policy setting meetings are expected to see interest rates left unchanged. 

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Japan's labour market report disappoints ahead of US payrolls

Emily Nicol
  • Ahead of the US payrolls report, Japan’s labour market data were softer in September, with unemployment rising and new job offers falling. And Japanese vehicle sales figures indicated a sharp slump in demand in the immediate aftermath of last month’s consumption tax hike.

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Fed on pause for now, BoJ pledges rates at current or lower levels

Emily Nicol
  • While the Fed signalled yesterday’s rate cut was likely the last for a while, the BoJ amended its forward guidance reiterating that its plans to keep short- and long-term interest rates at current or lower levels for as long as necessary. While Japanese IP data provided a welcome upwards surprise, today’s euro area flash Q3 GDP and October inflation figures are likely to underscore the weak economic backdrop.

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All eyes on the Fed

Emily Nicol
  • As the conclusion of the latest FOMC meeting was set to deliver a further 25bps rate cut, the first estimate of US Q3 GDP was expected to report the softest growth for almost four years. And today’s European Commission survey looks set to point to a further deterioration in the euro area’s economic conditions at the start of Q4.

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