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    Australia: Inflation Gauge for June rose +0.6%/m - TDS

    Research Team at TDS, notes that the Melbourne Institute Inflation Gauge for June rose 0.6%/m to take the headline to 1.5%/yr.Key Quotes“The trimmed mean measure rose 0.2%/m to take the annual trimmed measure to 1.8%/yr.  Building Approvals for May dropped -5.2%. This was weaker than the –3.5% the market expected, but a fall was expected after a few strong prints.  ANZ Job Ads for June rose 0.5%, but this was not market moving as there is no clear trend.Fitch and Moody’s have defused any immediate concerns on Australia’s AAA rating. Moody’s stated ‘short lived political uncertainty would have limited credit implications for Australia’ and Fitch said Australia’s overall credit profile is still consistent with a AAA rating.  NZD: NZ Treasury in its monthly doco said “Overall, the impact of the UK’s exit from the EU on the New Zealand economy is uncertain at this stage, but is not considered likely to be significant, at least in the short term”.”

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