The odds are firmly against the Reserve Bank of Australia cutting its official lending rate today, despite the central bank's liking for making moves on Melbourne Cup day.
The RBA has a lending rate of 2%.
Only three of the 13 economists polled by AAP expected a rate cut at the November board meeting today, although market pricing indicates the decision could be as close as a coin toss.
Craigs Investment Partners broker Chris Timms said regardless of the outcome, the RBA's decision would have an impact on financial markets, interest rates and the Australian dollar.
''The odds of a rate cut have increased substantially since weaker inflation numbers were reported last week.''
Inflation rose by 0.5% over the September quarter, below the 0.7% consensus.
The annual inflation rate slowed to 1.5%, while core inflation was 2.2%, close to the lower end of the RBA's target band of 2% to 3%, he said.
HSBC Australia and New Zealand chief economist Paul Bloxham said the September quarter's weaker-than-expected inflation and home loan rate rises would be enough to push the RBA across the line.
Inflation at 1.5% had been below the RBA's target band for a year.
''It tells you demand is growing more slowly than supply. Growth is lifting, the economy is rebalancing, business conditions are improving and the unemployment rate has been steady.
''The path of least regret for the RBA may be to deliver further stimulus rather than sit still,'' he said.
The Bank of England was expected to keep its lending rate at 0.5% on Thursday.
The latest October activity readings on the Chinese economy were due early this week and would set the tone for the markets.
And in the United States, with markets pricing even odds the Federal Reserve would lift interest rates in December, all of the high-profile data took on more significance between now and then, Mr Timms said.
This week, that meant the ISM manufacturing index today and the October jobs report on Friday would be scrutinised.
The market was expecting a non-farm payrolls number of about 180,000.
Last month, the report was disappointing with a headline of 142,000 below expectations of 203,000 and downward revisions made to the two previous months.
There would be another bumper week of earnings results this week with 100 S&P 500 companies due to report.
So far, two thirds of companies had reported with 75% beating earnings estimates but only 44% exceeding revenue numbers, he said.
