Daily Digest Market Movers: Australian Dollar recovers losses amid higher equity market

• The ANZ-Roy Morgan Australian Consumer Confidence index, which is published weekly, stands at 81.7, compared to the previous week's reading of 82.2.
• People’s Bank of China (PBoC) has kept its interest rate unchanged at 4.45%.
• Chinese Foreign Minister Wang Yi met Australia's Foreign Affairs Minister Penny Wong, the Chinese side emphasized their substantial potential. They stressed that China-Australia relations are progressing positively and urged against any hesitation, deviation, or reversal in this forward momentum.
• According to the CME FedWatch Tool, the probability of a rate cut in May stands at 6.3%. The likelihood of a rate cut in June and July is increased, at 59.2% and 76.0%, respectively.
• US Building Permits (MoM) increased to 1.518 million in February, against the expected 1.495 million and 1.489 million prior.
• US Housing Starts (MoM) rose to 1.521M from the previous figure of 1.374M, exceeding the market expectation of 1.425M in February.
• The preliminary US Michigan Consumer Sentiment Index for March decreased to 76.5, from the previous reading of 76.9. This decline comes in contrast to expectations of it remaining unchanged.
• The Board of Governors of the Federal Reserve released Industrial Production (MoM), which increased by 0.1% in February, against the expected reading of flat 0.0% and from the previous decline of 0.5%.
• The US Core Producer Price Index (PPI) remained consistent with the rise of 2.0% year-over-year in February, maintaining its position above the 1.9% expected. The monthly report showed an increase of 0.3% against 0.5% prior, exceeding the expected 0.2% reading.
• US PPI (YoY) increased by 1.6% in February, surpassing the expected 1.1% and 1.0% prior. PPI (MoM) rose by 0.6% above the market expectation and the previous increase of 0.3%.

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