On Tuesday, the RBA released its monetary policy minutes. The cash rate is left unchanged at 2.5%. This was then followed by China`s GDP. The economy grew a tad more than expected at 7.3% but still 0.2% off the GDP from the previous period. In addition, the industrial output at 8.0% beat estimates and prior data.
With the acceptable Chinese GDP, the Australian consumer price index (CPI) beat forecasts by growing at a pace of 0.5% on Wednesday. This is the same level as the previous quarter.
In the evening, the Monetary Policy Committee (MPC) released its asset purchase facility votes and bank rate votes. Both were unchanged, in line with expectations. US CPI grew by 0.1% after last month`s disappointing contraction of -0.2%. The core CPI displayed the same number but did not meet the target rate of 0.2%.
It was New Zealand`s turn on Thursday. The CPI remained at 0.3%, failing to meet estimates of 0.5%. China`s HSBC flash PMI manufacturing indicated a growth in the manufacturing sector. The flash PMI bettered estimates and September`s results. More bad news for the Eurozone as the French manufacturing sector contracted yet again as seen from the flash PMI`s uninspiring numbers.
However, Germany did show a growth at a flash PMI of 51.8, ahead of estimates and the previous month. UK retail sales dropped to -0.3%, worse than what economists predicted and last month`s rate. The unemployment claims in the US rose by 17 thousand this week, not what economists predicted.
Finally on Friday, New Zealand`s trade balance stood at -1 350 million. This deficit is more than double of what was expected. UK`s preliminary GDP met the forecast of 0.7%, although this figure is still less than the previous quarter. New home sales in the US increased by only a thousand, falling short of the target sales of 473 000.
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