Along with a barrage of economic data releases this week, we have the regular monthly Reserve Bank of Australia Board meeting on Tuesday. With the RBA unlikely to do anything with rates (as widely expected by the market), the focus will turn to economic growth data (GDP) for the March quarter.
The Australian economy is forecast to have grown by 0.9% in the quarter to bring annual growth to 3.2%, up from 2.8% last quarter. On the surface this looks to be a positive result, however economists are already forecasting a fairly large pull-back in the June quarter given the recent weakening in retail sales and a considerable slowdown in exports
There will also be some focus on our share market this week after the price of iron ore fell 4% last Friday putting downward pressure on our resource stocks - which will be a loggerheads with Wall Street that posted a record close on Friday night.