Daily Digest Market Movers: Australian Dollar appreciates on growing hawkish sentiment surrounding RBA
- Monday saw a strong surge in Australia's stock market, driven by a bullish performance on Wall Street. The ASX 200 Index extended its gains on Monday, with all 11 industry sectors recording gains following the positive momentum on Wall Street on Friday, which was fueled by impressive earnings reports from tech giants like Microsoft and Alphabet, the parent company of Google, pushing the Nasdaq up by over 2%.
- TD Securities' recent revision indicated a delay in the expected rate cut by the Reserve Bank of Australia (RBA) until February 2025, shifting from the previously projected date in November. This update has strengthened the Australian Dollar (AUD), consequently boosting the AUD/JPY pair.
- US Personal Consumption Expenditures (PCE) - Price Index increased 0.3% month-over-month in March, the same as in February, and matching market forecasts. The annual rate edged up to 2.7%, above forecasts of 2.6%.
- The US Core PCE - Price Index, the Fed’s preferred gauge to measure inflation, rose by 2.8% YoY in March 2024. Figures came above market forecasts of 2.6%. On a monthly basis, Core PCE increased by 0.3%, matching February's reading and in line with market estimates.
- In the first quarter, the US Gross Domestic Product Annualized (Q1) expanded at a slower pace, falling short of market expectations. The deceleration in GDP growth suggests potential headwinds or slowdowns in various sectors of the economy.
- Australia’s Consumer Price Index (CPI) increased to an all-time high of 137.40 points in the first quarter of 2024 from 136.10 points in the fourth quarter of 2023.
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