2023.06.0522:00:00UTC+00Australia Rate Decision On Tap For Tuesday

The Reserve Bank of Australia will wrap up its monetary policy meeting on Tuesday and then announce its decision on interest rates, highlighting a modest day for Asia-Pacific economic activity. The RBA is widely expected to keep its benchmark lending rate unchanged at 3.85 percent.

Australia also will see April figures for building approvals and Q1 data for current account. Approvals are expected to slump 8.1 percent on month after dipping 1.0 percent in March. The current account surplus is pegged at A$6.5 billion, down from A$14.1 billion in the three months prior.

Japan will provide April data for household spending, with forecasts suggesting an increase of 1.5 percent on month and 0.4 percent on year. That follows the 0.8 percent monthly contraction and the 1.9 percent annual decline in March.

Taiwan will release May figures for consumer prices; in April, overall CPI was up 0.42 percent on month and 2.35 percent on year.

Thailand will see May numbers for consumer prices, with forecasts suggesting an annual increase of 2.7 percent for overall inflation and 1.7 percent for core CPI. That's up from 2.67 percent overall and 1.66 percent core in April.

Finally, the markets in South Korea are closed on Tuesday for Memorial Day and will re-open on Wednesday.