Australian Construction Work Done increased by 0.7% in the fourth quarter of 2023, against the expected 0.8% and 1.3% prior.
ANZ-Roy Morgan Australian Consumer Confidence is nearly unchanged at 83.2 for the current week. This marks the 56th consecutive week that the index has remained below the threshold of 85. The index sits just 0.4 points below the 2024 weekly average of 83.6.
The Reserve Bank of New Zealand (RBNZ) decided to hold the Official Cash Rate (OCR) unchanged at 5.5%, as widely expected in its February monetary policy meeting.
RBA’s Meeting Minutes revealed that the Board deliberated on the possibility of raising rates by 25 basis points (bps) or keeping rates unchanged. While recent data indicated that inflation would return to target within a reasonable timeframe.
It is anticipated that China will lift tariffs on Australian wine by the end of March. These tariffs were imposed by China in retaliation for actions taken by the United States against China during the Trump administration.
Santander US Capital Markets suggested in a note, as reported by The Wall Street Journal, that the Federal Reserve's FOMC might postpone rate cuts until after the US election. They anticipate that the US economy and inflation will continue to surpass expectations, which could justify delaying monetary easing.
As per the CME FedWatch Tool, the odds for March rate cuts have dropped to 1.0%, with the likelihood of a cut down in May and June to 21% and 49.8%, respectively.
According to reports, US House Speaker James Michael Johnson has informed the White House of his willingness to adjust the two funding deadlines to March 8 and March 22. Currently, funding is set to expire for four bills on March 1, and for eight bills on March 8.
US Housing Price Index (MoM) increased by 0.1% in December, falling short of the 0.3% expected and 0.4% prior.
US Durable Goods Orders ex Transportation contracted by 0.3% in January, compared to the expected rise of 0.2% and the previous decline of 0.1%.
US Durable Goods Orders ex Defense (Jan) reduced by 7.3% against the previous increase of 0.1%.
US Durable Goods Orders decreased by 6.1% against the market expectation of a 4.5% decrease and a previous decrease of 0.3%.
US New Home Sales Change (MoM) grew by 1.5% in January, falling short of the previous growth of 7.2%.
US New Home Sales (MoM) came in at 0.661M in January against the expected 0.680M and 0.664 prior.
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