RBA Minutes On Tap For Tuesday

(RTTNews) - The Reserve Bank of Australia will on Tuesday release the minutes from its monetary policy meeting on May 20, highlighting a busy day for Asia-Pacific economic activity.

At the meeting, the RBA cut the cash rate target to 3.85 percent from 4.10 percent. The board judged that the risks to inflation became more balanced. Inflation reached the target band and upside risks appear to have diminished as international developments are set to weigh on the economy, the board observed.

Australia also will release Q1 numbers for current account and company gross operating profits. The current account is expected to show a deficit of A$12.3 billion following the A$12.5 billion shortfall in the previous three months. Profits are seen higher by 1.4 percent on quarter, slowing from 5.9 percent in the three months prior.

New Zealand will provide Q1 data for terms of trade, with forecasts suggesting an increase of 3.6 percent on quarter - up from 3.1 percent in the previous quarter.

South Korea will see May figures for consumer prices; in April, inflation was up 0.1 percent on month and 2.1 percent on year.

Japan will release May numbers for its monetary base, with forecasts looking for a decline of 4.2 percent on year after sinking 5.1 percent in April.

China will see May results for the manufacturing PMI from Caixin; in April, the index score was 50.4.

Finally, the markets in Thailand remain closed on Tuesday for Queen Suthida's birthday and will re-open on Wednesday. South Korea also is shuttered for its presidential election.