Daily Digest Market Movers: Australian Dollar extends gains on stronger ASX 200
- Australia's government has pledged to support a minimum wage increase aligned with inflation this year, recognizing the ongoing challenges faced by low-income families amid rising living costs.
- China's Premier Li Qiang stated on Sunday that the nation's low inflation rate and low central government debt ratio provide significant leeway for macroeconomic policy adjustments.
- Atlanta Fed President Raphael Bostic expressed his expectation for just one rate cut this year, cautioning that reducing rates prematurely could lead to greater disruption.
- Chicago Fed President Austan Goolsbee aligns with the majority of the board, anticipating three cuts. However, Goolsbee mentioned the necessity for further evidence indicating a decrease in inflation before proceeding with rate cuts.
- US New Home Sales Change declined by 0.3% month-over-month, compared to the previous rise of 1.7%.
- US New Home Sales (MoM) came in at 0.662M, which is below the expected 0.680M in February and 0.664M prior.
- S&P Global Services PMI showed a slight decrease in March, dropping to 51.7 from 52.3. The expected reading was 52.0. Manufacturing PMI rose to 52.5 against the expected 51.7 and 52.2 prior. Composite PMI showed a slight dip to 52.2 from 52.5 prior.
- Initial Jobless Claims for the week ending on March 15 came in at 210K, below the 215K expected and 212K prior.
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