Daily Market Commentary 27th March 2024

US economic data failed to inspire much movement on markets, with equities crawling upwards, while bond yields and currencies remain stagnant. US Consumer confidence drifted lower, while the S&P Case-Shiller Home Price Index, drifted lower. The Richmond Fed Manufacturing Index joined the Dallas Fed Manufacturing Index and lost ground, confirming the weak state of manufacturing in the USA. US Durable Goods Orders were up 1.4%, but this was meagre, as the demand for large items has been depressed. German Consumer Confidence remains in the doldrums, falling further into negative territory, as the cost-of-living crises drags on. The US Dollar was steady, with the EUR trading above 1.0800, while the GBP held around 1.2600.

Australian Consumer Confidence fell, stalled and suffering high interest rates, operating in an inflationary environment. The AUD consolidates above 0.6500, while the NZD desperately attempts to regain 0.6000. Markets are looking ahead to GDP growth numbers out of the UK and US, before key US PCE inflation numbers come out on Good Friday, as we move into the Easter Break.