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RBA Minutes On Tap For Tuesday

The Reserve Bank of Australia will on Tuesday release the minutes from its May 7 monetary policy meeting, highlighting a modest day for Asia-Pacific economic activity.

At the meeting, the RBA kept its benchmark lending rate unexpectedly on hold at 1.50 percent but downgraded its growth and inflation forecasts to suggest subdued price pressures across the economy.

Japan will provide Q1 data for housing loans and April sales for department stores. In the three months prior, housing loans climbed 2.4 percent on year. Nationwide department store sales added 0.1 percent on year, while Tokyo area department store sales rose an annual 0.6 percent.

New Zealand will see April figures for credit card spending; in March, spending was down 0.1 percent on month and up 5.1 percent on year.

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