Australian economic data and reports of Chinese factory activity will likely influence the mood in Asian markets this week as traders position themselves for July.
The week kicks off with Japanese industrial production for May on Monday, due just before Tokyo’s 8am market open. Following April’s 2.5 percent monthly slump, the Ministry of Economy, Trade and Industry forecast a rebound of 1.7 percent on month but some say that figure may be too ambitious.
The Reserve Bank of Australia (RBA) is widely expected to leave interest rates on hold at its monetary policy meeting on Tuesday, as indicated in previous meetings. Recent data such as the March quarter gross domestic product (GDP), which came in at a two-year high, and low consumer confidence give the RBA little reason to move on rates, Shane Oliver, head of investment strategy and chief economist at AMP Capital, said in a note.
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