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RBA Releases Meeting Minutes

RBA Minutes Say, Rate Cut Improves Economic Growth Prospects

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The Reserve Bank of Australia released the meeting minutes for the monetary policy meeting from earlier in August where interest rates were cut to record lows of 1.50%. The central bank said that the rate cut was aimed to boost economic growth but noted that additional stimulus might be necessary. The central bank's minutes revealed that inflation was below the target range and that low inflation was likely to persist in the foreseeable future, giving room for further rate cuts.

Japan GDP Growth Stalls In Q2, 2016


After expanding at a pace of 0.50% in the first quarter this year, Japan's economic growth stalled in the following three months. Data from Japan's cabinet ministry released on Monday showed that GDP was unchanged in Q2 2016, missing expectations of a 0.20% increase. On a year over year basis, Japan's GDP expanded at a pace of 0.20%, missing forecasts of 0.70% and was lower than the first quarter's annual growth rate of 1.90%. Private consumption ticked higher, rising 0.20% on the quarter and matched the forecasts but business spending fell 0.40% during the same period missing forecasts of a 0.20% increase.

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Swiss Producer Prices Fall At A Slower Pace In July


Producer price index in Switzerland fell in July but the pace of declines was slower than expected. Data from the Swiss Federal Statistical office reported on Monday that Switzerland's PPI fell 0.80% on a year over year basis in July. This was slower than the 1.0% decline in June. Swiss producer prices have been steadily declining since October of 2013. July's decline in PPI was better than the forecasts of a 0.90% decline. On a month over month basis, Swiss PPI was seen 0.10% lower offsetting June's increase of 0.10%. July's monthly decline in PPI was the first in five months but better than median estimates of a 0.20% decline.

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US Empire State Manufacturing Index Contracts In August


Business activity in New York declined in August, according to data from the NY Fed's Empire State Manufacturing survey. The headline general business conditions index fell five points to -4.20 in August. New orders index remained near zero indicating that orders were little changed, while the shipments index climbed eight points to 9.0. Manufacturing firms in the New York area reported a weaker pace of business activity in August with nearly 30 percent of the survey participants indicating that business conditions had worsened. Analysts were expecting to see an increase in the index to 2.1 following a decline to 0.6 in July.

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US Consumer Inflation Expected To Be Muted


US CPI data is due for release later today with median forecasts pointing to a flat print for July, following a soft 0.20% increase in May. Excluding food and energy, consumer price index is expected to rise 0.20% in July, the same pace as in June. US consumer inflation has remained soft after rising 0.40% in April on a month over month basis and the highest this year. On a year over year basis, the headline inflation is expected at 1.0%, same as the month before while core CPI is expected to rise 2.30%.

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