New Zealand Rate Decision On Tap For Wednesday

(RTTNews) - The Reserve Bank of New Zealand will wrap up its monetary policy meeting on Wednesday and then announce its decision on interest rates, highlighting a modest day for Asia-Pacific economic activity.

The RBNZ is expected to hike its Official Cash Rate (OCR) by 25 basis points, to 2.50 percent from 2.25 percent.

Australia will release may numbers for building approvals, with forecasts suggesting a decline of 1.1 percent on month and an increase of 5.3 percent on year. That follows the 3.4 percent monthly decline and the 10.2 percent annual jump in April.

Japan will provide May figures for current account and June data for bank lending. The current account is expected to show a surplus of 4.121 trillion yen, up from 3.908 trillion yen in April. Overall bank lending is expected to climb 5.8 percent on year, up from 5.7 percent in May.

South Korea will see May figures for current account; in April, the current account surplus was $28.29 billion.