fbpx

Daily Market Commentary 2nd April 2024

Share This Post

Markets reopened is Asia, with Chinese Manufacturing PMI data stronger than expected, boosting equity markets, while the Japanese Tankan reports was negative for large Manufacturing. The USD gained some momentum, as bond yields spiked, despite the Fed’s favourite inflation indicator, the PCE. showing inflation was contained. The US ISM Manufacturing number moved into positive territory, which an expansion of growth, but this only added to speculation that interest rate cuts may be deferred until the second half of the calendar year. The rising US Dollar pounded the EUR, which fell to 1.0740, while the GBP slumped to 1.2540.

The rising reserve hit the vulnerable commodity currencies, with the NZD stumbling to 0.5940, while the AUD slipped below 0.6500. The long Easter break, with two consecutive shortened trading weeks, will open with attention firmly on inflation and growth. US markets will have a heavy focus on a series of Jobs reports, lead out by the Jolts Report and culminating with the all-important Non-Farm Payrolls.

Collinson & Co Contact