Countdown to RBA

• In Australia on Friday, the ABS Monthly Household Spending Indicator rose by 0.9% in May, presenting a firmer view of consumer strength than the earlier retail trade figures.
• The ABS confirmed the MHSI will replace the Retail Trade release as the main monthly spending series after July, having shed its ‘experimental’ label.
• Focus this week is on the RBA (Tuesday), with a 25bps cut expected. Markets will closely watch the post-meeting statement and press conference for forward guidance and any shift in tone.
• In the US, attention shifts to trade headlines as countries race to finalise agreements before the 9 July tariff deadline. Treasury Secretary Bessent flagged a potential three-week extension, suggesting Trump’s letters may not be final.