Updated daily market movers: AUD strength holds despite sluggish housing market
- Housing loan commitments in Australia for March have risen up to 3.1% MoM, beating the expected 1.0% and a revised 1.9% from February.
- However, this may signal a boost in house prices impacting average loan sizes, rather than an increase in demand for domiciles.
- Current consumer sentiment surveys point toward sluggish buying sentiment in terms of housing.
- Across the Pacific, US NFPs revealed a rise of 206K in June, exceeding the market expectation of 190K. This followed a revised 218K increase in May.
- Nevertheless, these figures have not done much to bolster the USD, as the Unemployment Rate in the US has slightly risen to 4.1% from 4%.
- Wage inflation, measured by the change in the Average Hourly Earnings, declined to 3.9% YoY, widely expected by markets.
- On the RBA side, markets indicate a marginal 10% probability of a rate hike from the RBA before the end of the year.
- On the Fed’s side, the market is fully pricing in two rate cuts by the end of the year, subject to the ongoing labor market data and inflation figures
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