Economic and event calendar in Asia Wednesday, September 2, 2026 – RBZN rate hike expected

2026年9月2日最近のFX関連情報ニュース

Australian GDP data is due, for the months of April, May and June.

But, the focus today is on the RBNZ decision. A rate hike is expected, but that is not unanimous.

Earlier:

As mentioned, Australia's Q2 GDP lands today, and consensus has settled in the 0.2-0.4% q/q range, NAB the pessimist at 0.2%, CBA and ANZ at 0.4%, J.P. Morgan splitting the difference at 0.3%. The more interesting story sits beneath the headline number.

Net exports (you'll need to scroll to the bottom of this post for this info), the chief handbrake on Q1 growth (-0.8ppt), swung to a modest +0.1ppt contribution in Q2, a sharp reversal after trade dragged hardest since the weather-disrupted mining quarter earlier in the year. NAB flagged this possibility ahead of time, pointing to miners destocking inventory and shipping product offshore rather than any genuine turnaround in import intensity.

That's the catch: private non-farm inventories are tipped to subtract around 0.3ppt this quarter, suggesting the trade improvement may simply be inventory drawdown relabelled as export strength, a rotation of drags rather than a broad acceleration.

Elsewhere, retail volumes rose a soft 0.4% after Q1's decline, while capex remains the standout, running hot on data-centre-related machinery spend, though a lot of that kit is imported, which is part of why net exports has struggled until now.

Net take: growth probably prints modest and unspectacular, with the composition, trade helping, inventories hurting, doing more work than the headline figure itself.

This article was written by Eamonn Sheridan at investinglive.com.

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2026年9月2日最近のFX関連情報ニュース

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