Daily Digest Market Movers: AUD/JPY depreciates after softer Aussie PMI data
- The Judo Bank Australia Composite Purchasing Managers Index (PMI) fell to 53.0 in April from 53.3 prior. The Australian private sector output grew slightly slower. Business activity growth was primarily limited to the service sector, as manufacturing output continued to decline. The Services PMI fell to 53.6 from 54.4 in the previous month.
- The ASX 200 Index advanced on Friday, marking its second consecutive session of gains. The rise followed positive movements on Wall Street overnight, driven by reassurances from the US Federal Reserve that dismissed concerns about another interest rate hike.
- On Thursday, Australia’s Trade Balance (MoM) showed a surplus but lower than the market expectations in April. Additionally, the Building Permits showed the number of permits for new construction projects rose but fell short of the expectations in March.
- The Consumer Confidence Index fell to 38.3 in April from 39.5 in March and came below the market expectations of 39.7. This decline marks the lowest level in three months, reflecting weakened sentiment among households.
- According to Reuters, the Sankei newspaper reported on Tuesday that Japan is considering implementing tax breaks for repatriation of corporate profits into the Yen. This measure may potentially be included in the annual mid-year policy blueprint.
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