Over The Weekend & This Morning
- The Reserve Bank of Australia opted to keep their benchmark interest rate at 1.50% this morning. That means their key rate has now been left on hold for a record 20 months, since the cash rate was introduced in 1990.
- As expected China has retaliated to the sanctions placed upon them by the United States, by imposing their own tariffs on some 128 US products that have an estimated import value of $3Bn. The tariffs on some products are as high as 25%, and include Pork, Wine and scrap aluminium.
- According to US Fed Member Harker the Fed will now need to raise interest rates a total of three times this year, that is up from his earlier projections of two hikes. Mr Harker said the prospect of stronger inflation is behind his reassessment.
- US President Trump is reportedly pushing to get a deal on the overhaul of NAFTA signed off within two weeks. Trump is wanting to announce the framework for the new deal at a summit of the Americas in Peru, which kicks off on the 13th April. A White House official however has told CNBC that deadline may prove too optimistic.
- Data Releases:
- China Caixin Manufacturing PMI 51.0 (51.8 Exp)
- China Manufacturing PMI 51.5 (50.5 Exp)
- China Non-Manufacturing PMI 54.6 (54.5 Exp)
- US ISM Manufacturing PMI 59.3 (60.1 Exp)
- German Retail Sales m/m -0.7% (0.7% Exp)
- Only data of note today comes in the form of UK and Eurozone Manufacturing PMI, due at 9.30am and 9.00am respectively.
|Currency Pair||Interbank Rate||% Change on Day|
|Time (GMT)||Region||Data Release||Forecast||Previous|
|09.00||EUR||Eurozone Manufacturing PMI||56.6||56.6|
|14.30||USD||Fed Member Kashkari Speaks|
|TBC||NZD||NZ Global Dairy Trade Index||-1.2%|
|21.30||USD||Fed Member Brainard Speaks|