Published at 05:43 (GMT) 16 Apr
More on Westpac-MI Aust index; The Australian: Aust economic growth later this year may not get much stronger, as consumer sentiment and employment expectations remain weak. Westpac-MI Index edged up to -0.09% in March from -0.15% in February.
Westpac chief economist Bill Evans says the index has stayed below zero for the second month in a row, indicating that economic growth will be below trend. Westpac now was forecasting no more RBA interest rate cuts.
On FX, little impact from the survey earlier, as AUD/USD rose vs 1-week lows of 0.9333, to 0.9370 on better than expected China Q1 GDP of +7.4%. Then up to 0.9374 on AUD/NZD buying to 2-month highs above 1.0900 handle. Given lower Kiwi on lower Q1 CPI and lower Dairy prices. AUD/USD offers at 0.9380-00. with more banks seeing no more RBA cuts. No fresh news out RBA minutes for April 1 - released on Tuesday. Sees Cash Rate steady for some time, at 2.50%.
Bids in AUD/USD at 0.9330-40, stoploss below 0.9320. AUD/SGD back down at 1.1730-40, from the 5-month highs 1.1810-15, highest since Nov 7 1.1841. Now in higher range of 1.1500-1.2000, up from previous 1.10-15. Despite still hawkish MAS - gradual SGD appreciation, but as markets pare down expectations of more RBA rate cuts. USD/SGD at 1.2514-16, offers at 1.2530-50, bids at 1.2480-00, stops beow 1.2475. WL
Recommended Content
Editors’ Picks
USD/JPY holds near 155.50 after Tokyo CPI inflation eases more than expected
USD/JPY is trading tightly just below the 156.00 handle, hugging multi-year highs as the Yen continues to deflate. The pair is trading into 30-plus year highs, and bullish momentum is targeting all-time record bids beyond 160.00, a price level the pair hasn’t reached since 1990.
AUD/USD stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation
The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday. The AUD/USD advance was sponsored by a United States report showing the economy is growing below estimates while inflation picked up.
Gold soars as US economic woes and inflation fears grip investors
Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States. GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the US Fed could lower borrowing costs.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US FBI has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bank of Japan expected to keep interest rates on hold after landmark hike
The Bank of Japan is set to leave its short-term rate target unchanged in the range between 0% and 0.1% on Friday, following the conclusion of its two-day monetary policy review meeting for April. The BoJ will announce its decision on Friday at around 3:00 GMT.