Tuesday 4th July 2023

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The RBA meets today. Thank goodness, otherwise it would be a desperately quiet day ahead, with the US on holiday with markets having closed early afternoon on Monday. Data on both sides of the Atlantic pointed to a manufacturing slowdown. The US ISM came in lower than expected and Germany’s PMI was revised down, to a level close to the pandemic low, when workers were in lockdown. NAB’s Tapas Strickland says we knew the US manufacturing sector was experiencing a slowdown and the German number can be attributed to lower demand from China. But what of the RBA? Today’s meeting comes a day after surprisingly strong housing data yesterday.

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