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Daily Market Commentary 5th March 2024

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The NASDAQ drifted off all-time record highs, hit last Friday, with some profit taking and look to build on to gains. Share markets are trading around record highs, despite the elevated interest rates imposed by Central Banks, in an effort to fight inflation. Markets will be looking ahead to Fed Chairman Powell appearing before the US Congress later in the week, and the string of important US labour market reports. OPEC+ extended the production cuts until the end of Q2, adding further upward pressure to oil prices. The US Dollar was softer, with the EUR pushing back to 1.0860, while the GBP approaches 1.2700.

The AUD looks to hold onto 0.6500, while the NZD drifted below 0.6100, following some very negative ‘Terms of Trade’ numbers. Local markets will be looking at Australian, Japanese and Chinese PMI data and Tokyo inflation data, which is expected to show a spike upwards. The Chinese National People’s Congress is in session all this week, which will outline key growth targets and economic strategies. Inflation and growth remain key to market direction.

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