The central banks' meetings will highlight the week as well as the PPI release
Business confidence jumps to +21pts in Australia
As follows from the report of the National Bank of Australia on business confidence, the index of business conditions managed to tack on by 6pts hitting +21. It appears to be the highest outcome since the beginning of the poll in March 1997. As for the index of business confidence, it also rallied by 2pts coming up with +10 points, considerably surpassing its historical average of 6pts.
According to the chief economist at the NAB Group, Alan Oster in the April survey the record business activity index underpins what turned out to be apparent from the middle of the previous year, clearly showing that business activity in Australia is sturdy enough.
As a matter of fact, conditions have surged in all industries, except for retail and manufacturing.
Market experts pointed out that there are some worries that retail conditions have appeared to be downbeat for the first time of 2018. What’s more – worries about the weakness of retail trade have receded because of a considerable improvement in the conditions in this industry for the last two months.
On components, the terms of sales, profitability as well as employment conditions in April demonstrated upbeat outcomes and they are still above their historical average.
As some financial analysts point out the improvement in the employment index was particularly appreciated in the face of the fact that not so long ago the Australian Bureau of Statistics posted a slowdown in employment surge. Apparently, NAB Survey has coped perfectly with short-term cycles in ABS data. Market experts are assured that the labor market keeps improving.
As for changes in the leading indicators, they happened to be mixed this month, while remaining at a firm level.
The study keeps pointing to lower inflation as well as wage surge.
Goldman Sachs turns bullish on China, news from ECB, and Twitter's drama - everything you need to know in one place!
Good day for all traders out there! We prepared a gold analysis and a bunch of other news for you to enjoy! Here's what you should know:
The Reserve Bank of Australia (RBA) will make a statement and release a Cash Rate on February 7, 05:30 GMT+2. It's among the primary tools the RBA uses to communicate with investors about monetary policy.
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.