On August 20th, the minutes of the Reserve Bank of Australia's August meeting will be released, giving us a glimpse into how close the RBA was to raising interest rates. Our guess is they were pretty close.
India's August PMI data will remain positive, with services forecast at 60.2 and manufacturing at 58.0, both likely slightly lower than July's figures but consistent with continued solid growth.
Bank Indonesia is scheduled to set its interest rate policy on August 21. While no interest rate cut is expected, the recent strengthening of the Indonesian rupiah exchange rate and the Indonesian central bank's interest rate cut may make easing a more realistic prospect than the unanimous view. Inflation remains subdued and an interest rate cut is not out of the question. It is more likely that the first cuts will come after the Federal Reserve begins easing.
In Singapore, CPI inflation is likely to edge up to 2.7% y/y in July from 2.4% in June, interrupting an unsteady downward trajectory. The core rate, currently at 2.9% y/y, will probably be of more interest to rate setters at the Monetary Authority of Singapore.
