Daily Market Commentary 9th April 2024

Markets opened the trading week on a positive note, with equities and bond yields both inching higher, leading into a big week of data and Central Bank activity. The US CPI is set to be released on Wednesday, with expectations of a blip upwards, while measures from Europe will likely confirm continued softness. The RBNZ, the ECB and the Bank of Canada are all scheduled to leave rates unchanged, at their latest meetings, while the Fed will release the minutes of their last meeting. There will be plenty of action and speculation over the course of the week, so the quiet start to the weeks trading, may well be the calm before the storm. The EUR holds above 1.0800, ahead of the ECB meeting, while the GBP trades 1.2630.

Commodity currencies were beneficiaries of a slightly softer reserve, despite bond yields firming. The NZD looks to consolidate above 0.6000, ahead of the RBNZ meeting on Wednesday, while the AUD looks to regain 0.6600.