FXStreet (Bali) - Sean Callow, FX Strategist at Westpac, reviews Tuesday's economic calendar, highlighting the NAB business confidence survey as key event in Asia.
"At 11:30am Syd/9:30am Sing/HK we see the NAB survey of Australian business confidence for June. Last week RBA Gov Stevens said “Measures of business confidence don't show any obvious response to the budget.” Indeed the confidence index was +7 in Dec 2013, +7 in May. The business conditions index has weakened somewhat however, to -1 in May from +4 in Dec13. The latter tends to have the best correlation with business activity. AUD sometimes reacts to sharp movements in this survey despite no consensus forecast."
"Japan releases its May balance of payments data at 9:50am Syd/7:50am Sing/HK. The seasonally adjusted balance has been trending sharply lower since 2010 but popped back to a small surplus in April, with a similar reading expected in May. JPY should ignore the data but it will be noted by those looking at the longer term flows picture. Germany will print another large trade surplus in May, though with exports likely to be a little lower m/m."
"The US data calendar is quiet again (Jun NFIB small business survey) but we will hear from two Fed speakers – one hawk (Lacker) and one dove (Kocherlakota). Q2 earnings season begins after the bell Tue with Alcoa."