Daily Digest Market Movers: Australian Dollar depreciates after stronger US ISM data
- Australia’s TD Securities Inflation (YoY) came in at 3.8% in March, against the previous increase of 4.0%.
- Melbourne Institute's Monthly Inflation Gauge increased by 0.1% in March, following a decrease of 0.1% in the previous month.
- ANZ Job Advertisements declined by 1.0% in March, compared to the previous decline of 2.1%.
- RBA March minutes showed that the board did not contemplate the option of raising interest rates. They unanimously agreed that it was challenging to definitively predict future changes in the cash rate. While the economic outlook remained uncertain, the risks appeared to be generally balanced. The board acknowledged that it would require "some time" before they could express confidence in inflation returning to the target level.
- According to Rodrigo Catril from NAB, the Reserve Bank is likely to face difficulties in declaring victory on inflation and might postpone rate cuts until 2025.
- On Monday, China's Caixin Manufacturing PMI came in at 51.1, against the expected 51.0 and 50.9 prior.
- China's National Bureau of Statistics (NBS) announced on Sunday that the monthly NBS Manufacturing PMI rose to 50.8 in March from 49.1 in the prior month. Additionally, the NBS Non-Manufacturing PMI increased to 53.0 in March from 51.4 in February.
- On Thursday, San Francisco Federal Reserve (Fed) President Mary C. Daly emphasized that although the Fed stands prepared to decrease rates when data supports such action, there's no need for haste as the US economy remains robust with minimal risk of weakening.
- US ISM Manufacturing PMI indicated a surprise expansion in March, as the index climbed to 50.3 in March from February's 47.8, surpassing expectations of 48.4. This reading marked the highest level observed since September 2022.
- US ISM Manufacturing Prices Paid increased to 55.8 in March, compared to the expected 52.6 and 52.5 prior.
- US Core PCE came at 0.3% (MoM) in February against January’s 0.5%, aligned with the market consensus. The annual index rose by 2.8% as expected, compared to the previous increase of 2.9%.
- US Headline PCE (MoM) increased by 0.3%, slightly lower than expected and a previous rise of 0.4%. The year-over-year PCE increased by 2.5%, as expected.
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