Morning Bid: Spotlight on rate decisions, China loans
Interest rate decisions in New Zealand and Thailand are the main events for Asian markets on Wednesday along with Chinese bank lending figures, as investors brace for a rocky open following Wall Street's lackluster performance the previous day.
On the data front, wholesale inflation figures from Japan could be the catalyst for dollar/yen testing 152.00, but the main indicator will be Chinese bank lending. On the policy front the Reserve Bank of New Zealand and Bank of Thailand are both widely expected to keep key rates unchanged, meaning signals about the future policy path in the coming months will be more important for local asset markets.
Sixteen out of 26 economists polled by Reuters reckon the BOT will keep its benchmark one-day repurchase rate at 2.50% for a third straight meeting, and the other 10 forecast a quarter-point cut to 2.25%.
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