Coming up from the Reserve Bank of Australia at 0030 GMT

... Panel participation by Luci Ellis, Assistant Governor (Economic), at the 9th Annual Australian & New Zealand Investment Conference

Ellis always makes good analysis but not always comments salient to forex, so let's see how it goes.

And also due at 0030 GMT, of course, are the minutes of the October meeting. Previews:

CBA:

The Governor's October post-meeting Statement was neutral in tone and consistent with policy remaining on hold for an extended period of time. We expect more of the same in the Minutes. With respect to commentary, we are most interested in the RBA's assessment on what they think the recent strength in the labour market means for wages. And as usual, their views on developments in the housing market are an important determinant of the monetary policy outlook. And views on the AUD will play into the timing of any policy shift.

TD Securities:

A nondescript meeting and policy statement and so *should* be benign, but will be closely eyed for surprises. Expect the inclusion of some "member discussion" about the main conclusions from the semi-annual Financial Stability Review

RBC:

We expect the relatively upbeat themes of the October statement to be fleshed out further, with more detail on the RBA's thinking on business investment and conditions a key topic to watch for as the non-mining capex outlook improves. Forward-looking indicators such as NAB's business conditions index have also been very strong in this regard. The labour market should also receive attention once again given the continued strong run of data, though discussion around wage growth will likely remain unchanged assuming only a gradual pickup. The positive global story should stay consistent with the RBA's narrative of an upturn since late last year, which ties in with the IMF's October WEO lifting global growth projections for this year and next by 0.1%. Commentary around retail sales was dropped from the statement, and since the October meeting we've had another soft print, which the RBA may need to acknowledge at some point should this continue. We don't expect anything new on the housing market or currency.

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I can't see too much likely to impact from the minutes, but we'll stay tuned just on case.