Daily Digest Market Movers: Australian Dollar extends gains amid mixed labor data
- Australia’s Employment Change posted a reading of -6.6K for March, against the expected 7.2K and 117.6K prior.
- Australia’s Unemployment Rate increased by 3.8% in March, lower than the expected 3.9% but higher than the previous reading of 3.7%.
- US President Joe Biden spoke at the heart of the American steel industry in Pittsburgh on Wednesday, emphasizing the need for increased pressure on the Chinese steel sector. He has directed US Trade Representative Katherine Tai to consider tripling the current 7.5% tariff rate on Chinese steel and aluminum, as reported by CBS News.
- Federal Reserve Bank of Cleveland President Loretta Mester, speaking on Wednesday, acknowledged that inflation has exceeded expectations, and the Fed needs further assurance before confirming the sustainability of 2% inflation. She also stated that monetary policy is well-positioned, with the possibility of a rate cut if labor market conditions worsen.
- Fed Governor Michelle Bowman commented on Wednesday that progress in inflation is slowing, with a potential stall. Bowman also noted that monetary policy is currently restrictive, and its sufficiency will be determined over time.
- The Federal Reserve's Beige Book survey of regional business contacts indicates that the US economy has "expanded slightly" since late February. Furthermore, firms reported facing increased challenges in passing on higher costs.
- US Building Permits (MoM) fell to 1.458 million in March, compared to the expected 1.514 million and 1.523 million prior. Housing Starts declined to 1.321 million MoM from 1.549 million, falling short of the expected 1.480 million.
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