What to Watch - Week of 5 May 2025
Taylor Nugent | Markets Research
Past Week
- Australian Q1 CPI data was a tenth above consensus but in line with the RBA’s forecast
- US GDP data showed the economy did slow in Q1 but a surge in imports means domestic demand was more resilient than the -0.3% headline outcome suggests.
- The BoJ held rates as expected, but caution on the inflation outlook saw the yen underperform.
- NAB’s FX strategists published updated forecasts
Week ahead
- Following the federal election tomorrow (3 May), it is a quiet week in prospect on the data calendar and there is nothing slated from the RBA. Bank earnings from WBC, NAB and ANZ are also out during the week.
- In NZ, labour market data for Q1 headlines on Wednesday. BNZ expects it to show further loosening in the labour market.
- In the US, the FOMC is set to hold on Wednesday as it weighs uncertainty and a slower growth but higher inflation backdrop. Data include the services ISM, and earnings season continues.
- In the UK, the BoE is expected to cut rates by 25bp to 4.25%. Bailey and Pill both speak (separately) the following day.
- In Europe, final PMIs are Tuesday in a slow week for data. Norway and Sweden are both expected on hold on Wednesday.
- In China, data include the Caixin services PMI (Monday) and April trade data (Friday).
View the full report
Also in the What to Watch
This document has been prepared by National Australia Bank Limited ABN 12 004 044 937 AFSL 230686 ("NAB"). Any advice contained in this document has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice in this document, NAB recommends that you consider whether the advice is appropriate for your circumstances. NAB recommends that you obtain and consider the relevant Product Disclosure Statement or other disclosure document, before making any decision about a product including whether to acquire or to continue to hold it. Please Click Here to view our disclaimer and terms of use. Please Click Here to view our NAB Financial Services Guide.
All prices and analysis at 2 May 2025. This information has been prepared by National Australia Bank Limited ABN 12 004 044 937 AFSL 230686 ("NAB"). The content is distributed by WealthHub Securities Limited (WSL) (ABN 83 089 718 249)(AFSL No. 230704). WSL is a Market Participant under the ASIC Market Integrity Rules and a wholly owned subsidiary of National Australia Bank Limited (ABN 12 004 044 937)(AFSL No. 230686) (NAB). NAB doesn’t guarantee its subsidiaries’ obligations or performance, or the products or services its subsidiaries offer. This material is intended to provide general advice only. It has been prepared without having regard to or taking into account any particular investor’s objectives, financial situation and/or needs. All investors should therefore consider the appropriateness of the advice, in light of their own objectives, financial situation and/or needs, before acting on the advice. Past performance is not a reliable indicator of future performance. Any comments, suggestions or views presented do not reflect the views of WSL and/or NAB. Subject to any terms implied by law and which cannot be excluded, neither WSL nor NAB shall be liable for any errors, omissions, defects or misrepresentations in the information or general advice including any third party sourced data (including by reasons of negligence, negligent misstatement or otherwise) or for any loss or damage (whether direct or indirect) suffered by persons who use or rely on the general advice or information. If any law prohibits the exclusion of such liability, WSL and NAB limit its liability to the re-supply of the information, provided that such limitation is permitted by law and is fair and reasonable. For more information, please click here.