The minutes from the June Reserve Bank of Australia (RBA) meeting revealed that the interest rates will be kept unchanged at 1.5%. The board suggested that the developments in the labor and housing markets should be watched carefully. Australia House Price Index (QoQ) met the forecasted value of 2.2% in the first quarter and Australia House Price Index (YoY) rose up to 10.2% in the first quarter from a previous value of 7.7%.
Chicago Fed President, Charles Evans, stated that the Fed should wait till the end of the year before formulating another interest rate hike. The People’s Bank of China (PBOC) set the Yuan reference rate at 6.8096 versus Monday’s fix of 6.7972.
Moving on for the day, we look forward to Switzerland’s SECO Economic Forecasts. Late in the day, we have the Swiss National Bank (SNB) Chairman Jordan’s speech and the US Fed Vice Chairman Stanley Fischer’s speech.
The Canadian Wholesale Sales saw a slight drip with the forecasts at 0.6% when compared to the previous value at 0.9%. Germany might see some downfall with the Producer Price Index not favoring them with forecasts at 2.8% compared to the previous value at 3.4%. We have the Bank of England’s (BoE) Governor Carney’s speech which will have an impact on the pound.
For more detailed analysis from the author, please visit NoaFX.