- ICYMI – US has put on hold plan to refill emergency oil reserve amid high prices
- ICYMI: Bank of America expect Brent & WTI crude prices to both peak around $95 in summer
- There are eight, yes 8, Federal Reserve officials speaking on Thursday
- New Zealand Commodity Price Index -1.3% m/m (prior 3.6%)
- Australian data – February building approvals -1.9% m/m (expected +3.3%)
- Wall Street Journal: “Strong Australian Services Sector Growth A Headache For RBA”
- Goldman Sachs reiterates its 2024 year-end S&P 500 price target of 5,200
- Global economic recovery, blistering commodities rally … threatening to derail the Fed
- JP Morgan expect two to three cuts from the Federal Reserve in 2024, first in June
- Australian Services PMI (March, final) 54.4 (prior 53.1)
- New Zealand building permits +14.9% m/m (prior-8.6%)
- Forexlive Americas FX news wrap 3 Apr: ISM price data & Powell sends USD and yields lower
- More from Fed’s Kugler – sees a lot of jobs created by new businesses
- ICYMI – PBOC says it’ll monitor changes in long-term yields during the economic recovery
- Fed’s Kugler says her expectations for Fed Funds consistent with March FOMC projections
- Asian market holidays today – China and Hong Kong are out
- Major US stock indices close today with mixed results
- US 10-year yields finish right at 4.35% again
- Trade ideas thread – Thursday, 4 April, insightful charts, technical analysis, ideas
Asia
followed the very active US session with not much activity at all.
China and Hong Kong markets were closed for a holiday, China will
remain closed tomorrow.
Across
major FX ranges were very small, with a dip slightly lower for the US
dollar. AUD, NZD, CAD, EUR gained small while CHF and GBP are barely
changed. USD/JPY is up a few points.
Fresh
news was absent. Data flow was non-impactful.
We
had Federal Reserve Board Governor Kugler speaking during the
session. Kugler said her policy rate expectation is consistent with
March FOMC meeting policymaker projections but did warn that while
annual core PCE at 2.8% represents ‘considerable progress’ its still
‘meaningfully above’ the Fed’s 2% target rate.
There
are another eight Fed officials on the speaking timetable to come on
Thursday, US time.
Gold
traded above US$2300 to (another) new high: