Daily Digest Market Movers: Australian Dollar rebounds amid a hawkish sentiment surrounding Fed
- Australia’s Consumer Inflation Expectations released on Thursday, showed an increase of 4.6% in April against the previous increase of 4.3%.
- Australian labor market data is due on Thursday, including seasonally adjusted Employment Change and Unemployment Rate for March.
- As anticipated, the People's Bank of China (PBoC) maintained the 1-year medium-term lending facility (MLF) interest rate at 2.5%. The PBoC injected 100 billion Yuan through a one-year MLF operation, resulting in a net drain of 70 billion Yuan.
- Chinese Gross Domestic Product (GDP) and Industrial Production data are scheduled to be released on Tuesday.
- Boston Federal Reserve (Fed) President Susan Collins stated on Friday that she foresees 'approximately two' rate cuts for 2024, while also expecting inflationary pressures to ease later in the year. She emphasized that while a rate hike is not currently included in the baseline scenario, it cannot be completely discounted.
- According to the CME FedWatch Tool, the likelihood of interest rates remaining unchanged in the June meeting has been increased to 63.5% from the previous week of 46.8%.
- US Michigan Consumer Sentiment Index decreased to 77.9 in April, from the previous reading of 79.4 and market expectation of 79.0.
- Core US Producer Price Index (PPI) report showed on Friday, an increase of 2.4% YoY in March. The market was expecting a rise to 2.3% from 2.1% prior.
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