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(CEP News) - Market participants can expect Australian first-quarter inflation results, along with the release of the Japanese trade balance report during the Asia Pacific economic data session.
Australia's annual inflation rate is expected to fall lower, but not below the Reserve Bank of Australia's target band. The annual trimmed mean inflation rate - the RBA's preferred measure - is expected to level off to 3.8% from 4.2%. "That is still outside the Bank's target zone of 2-3% but it must be pointed out this fall has been achieved at a time when the AUD has fallen by around 30%. With the labour market weakening and demand contracting, wage and price pressures will continue to ease through 2009," Westpac economist Bill Evans said. Indeed, the RBA seems to have put inflation concerns on the backburner since late last year, when the central bank embarked on a rate-cutting cycle that has brought the target rate down by 425 basis points since September 2008. Meanwhile, Japan's ongoing trade deficit is expected to widen in March. Economists expect the deficit to grow to ¥250.7 billion, against a ¥43.3 billion deficit the month prior. All times in EDT. Tuesday: 19:50 JP Merchandise Trade Balance Total March Exp: -27.0B Prior: +¥82.4B Revised: ¥82.1B 19:50 JP Adjusted Merchandise Trade Balance March Exp: -¥250.7B Prior: -¥43.3B 19:50 JP Merchandise Trade Exports (Y/Y) March Exp: -46.6 Prior: -49.4 19:50 JP Merchandise Trade Imports (Y/Y) March Exp: -37.3 Prior: -43.0 21:00 AU DEWR Skilled Vacancies (M/M) April Prior: -10.8% 21:30 AU Consumer Prices (Q/Q) Q1 Exp: +0.5% Prior: -0.3% 21:30 AU Consumer Prices (Y/Y) Q1 Exp: +2.8% Prior: +3.7% 21:30 AU RBA Trimmed Mean (Q/Q) Q1 Exp: +0.8% Prior: +0.6% 21:30 AU RBA Trimmed Mean (Y/Y) Q1 Exp: +3.8% Prior: +4.2% 21:30 AU RBA Weighted Median (Q/Q) Q1 Exp: +0.8% Prior: +0.9% 21:30 AU RBA Weighted Median (Y/Y) Q1 Exp: +4.0% Prior: +4.5% By Megan Ainscow,
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, edited by Sarah Sussman,
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