Summary
The Reserve Bank of Australia meets today (May 2). The bank is expected to keep rates unchanged for the rest of 2017 with key areas such as the labor and housing markets closely monitored. Macro prudential measures have been recently utilized to deal with housing concerns with March’s labor report coming in stronger than expected. Through these macro prudential measures, the bank aims to ensure that the financial system resilience is directly proportional to the level of risk. Later we have the Manufacturing Purchasing Managers Index (PMI) released by the Markit Economics, it captures business conditions in the manufacturing sector, and unemployment rate within the Euro Zone. Not much change is expected from the previous month.