Recap 11-6-12




  • RBA left rates unchanged vs expectations of a 25bp cut. However, the statement had a clear easing bias:
  1. Risks to the outlook are still seen to be on the downside
  2. The exchange rate, though, remains higher than might have been expected, given the observed decline in export prices and the weaker global outlook.
  3. At today’s meeting, with prices data slightly higher than expected and recent information on the world economy slightly more positive, the Board judged that the stance of monetary policy was appropriate for the time being.

Italy Services PMI improved to 46 in Oct vs 44.5 exp and prev

Interesting Grantham interview – Businessweek

Upcoming Data:

  • Wed: Swiss CPI, Japan Current Account, Australia Employment, Japan Eco Watchers Survey
  • Thu: BoE, ECB, US Jobless Claims, China CPI
  • Fri: China IP, Retail Sales, US UMichigan Consumer Confidence