Daily Digest Market Movers: Australian Dollar depreciates as RBA may adopt a dovish stance
- Australia's Consumer Inflation Expectations came in at 4.3% in March, a slight decrease from the previous increase of 4.5%.
- The seasonally adjusted Aussie Retail Sales showed a month-over-month increase of 0.3% in February, falling short of the expected 0.4% and the prior 1.1%.
- Australia's Monthly Consumer Price Index (YoY) for February saw a 3.4% rise, maintaining consistency with previous levels but slightly below the anticipated 3.5%.
- Australia's government has pledged to support a minimum wage increase aligned with inflation this year, recognizing the ongoing challenges low-income families face amid rising living costs.
- At the Boao Forum for Asia (BFA), China's top legislator, Zhao Leji, emphasized China's stance on inclusive economic globalization. He stated that China opposes unilateralism and protectionism in all their forms and is committed to closely linking its development with other countries.
- Federal Reserve Board Governor Christopher Waller still sees 'no rush' to cut rates amid sticky inflation data.
- 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.
- US Gross Domestic Product Annualized expanded by 3.4% in the fourth quarter of 2023. The market expectation was to be unchanged at a 3.2% increase.
- The US Gross Domestic Product Price Index remained consistent at a 1.7% increase, as expected in Q4.
- Core Personal Consumption Expenditures (QoQ) came in at 2.0% in the fourth quarter, slightly below the expected and previous reading of 2.1%.
- US Initial Jobless Claims fell to 210K in the week ending on March 22, against the expected increase to 215K from 212K prior.
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