Market to focus on RBA meeting and data A host of economic data and an interest rate announcement from the central bank is expected to be the major focus on the local market in the week ahead. Australian markets reopen after the Easter break on Tuesday, when the Reserve Bank of Australia hands down its monthly interest rate decision. The cash rate is tipped to stay at three per cent - all 13 economists surveyed by AAP prior to Easter expected no change. However, interest will be on RBA governor Glenn Stevens' accompanying statement for clues about the central bank's thinking on the future direction of rates. In Australia, the main focus is likely to be on the Reserve Bank which is expected to leave interest rates on hold, AMP Capital Investors chief economist Shane Oliver said in a research note. Dr Oliver said the the RBA was likely to remain in "wait-and-see" mode given the impact of previous rate cuts was still working its way through the economy. The RBA has kept the cash rate unchanged at three per cent at its past two monthly meetings, having delivered 175 basis points worth of interest rate cuts since November 2011. On Thursday, the Australian Bureau of Statistics will release retail sales and building approvals figures for February. New home sales data for February, as well as trade figures for the same month, are also due for release during a shortened post-Easter trading week. In a positive sign for Australian stocks, Wall Street closed higher on last Thursday night (AEDT), with the Dow climbing 0.36 per cent and the S&P500 advancing 0.41 per cent. The S&P500 has recouped all its losses since the 2008 global financial crisis. Wall Street was closed on Good Friday. The Australian stock market closed lower on Thursday, and fell 2.7 per cent over the month of March, snapping three consecutive monthly gains from December to February. "Shares remain vulnerable to a further correction in the short term as overbought conditions are worked off and nervousness regarding Europe, and to a lesser degree China, remains," Dr Oliver said. However, the set back in shares is likely to remain mild and the broad trend is likely to remain up.