Daily Digest Market Movers: Australian Dollar remains tepid on market caution
- The ANZ-Roy Morgan Australian Consumer Confidence index, which is published weekly, stands at 81.7, compared to the previous week's reading of 82.2.
- According to Bloomberg, Westpac anticipates the Reserve Bank of Australia could maintain its cash rate at 4.35% at Tuesday's meeting.
- ANZ Bank analysts anticipate that the Reserve Bank of Australia (RBA) will maintain a "mild tightening bias," with no adjustment to interest rates.
- China's Retail Sales (YoY) increased by 5.5% in February, against the expected 5.2% and 7.4% prior.
- Chinese Industrial Production (YoY) rose by 7.0%, compared to the market expectation of a 5.0% figure in February and 6.8% previous reading.
- According to the CME FedWatch Tool, the probability of a rate cut in March stands at 1.0% and 8.7% for May. The likelihood of a rate cut in June and July is lower, at 55.1% and 73.7%, respectively.
- The preliminary US Michigan Consumer Sentiment Index for March decreased to 76.5, from the previous reading of 76.9. This decline comes in contrast to expectations of it remaining unchanged.
- The Board of Governors of the Federal Reserve released Industrial Production (MoM), which increased by 0.1% in February, against the expected reading of flat 0.0% and from the previous decline of 0.5%.
- The US Core Producer Price Index (PPI) remained consistent with the rise of 2.0% year-over-year in February, maintaining its position above the 1.9% expected. The monthly report showed an increase of 0.3% against 0.5% prior, exceeding the expected 0.2% reading.
- US PPI (YoY) increased by 1.6% in February, surpassing the expected 1.1% and 1.0% prior. PPI (MoM) rose by 0.6% above the market expectation and the previous increase of 0.3%.
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