Daily Digest Market Movers: Australian Dollar rises amid doubts surrounding RBA’s rate cuts
- Australia's Westpac Consumer Confidence Index for April indicated a decline of 2.4%, compared to the previous decrease of 1.8%.
- Commonwealth Bank anticipates three 25 basis points (bps) interest rate cuts by the end of the year, starting from September.
- Westpac predicts that interest rate cuts will commence in September, while NAB and ANZ believe it won't be until November.
- Federal Reserve (Fed) Bank of Minneapolis President Neel Kashkari emphasized the importance of the central bank's commitment to combatting inflation. Kashkari stressed that despite the current inflation rate hovering around 3%, the Fed must strive to bring it back down to the target level of 2%.
- According to the CME FedWatch Tool, the probability of a 25-basis point rate cut by the Fed in June has slightly increased to 53.5%. However, the likelihood of a rate cut in July has decreased to 49.9%.
- US headline CPI is expected to experience an acceleration in March, whereas the core measure is expected to show a cooling down.
- On Friday, the US Nonfarm Payrolls (NFP) report revealed a notable increase of 303K jobs in March, surpassing both expectations of 200K and the previous reading of 270K. US Average Hourly Earnings rose by 0.3% month-over-month in March, meeting expectations.
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