The dollar is a little higher, while US stocks are unchanged after the Fed left interest rates unchanged at 1%, signaling the recent slowing in economic growth during Q1 as likely to be transitory. The statement also noted that the Fed will remain on a gradual path of policy tightening although it provided little direction on when they might next change interest rates, giving themselves added flexibility to raise or hold at their June meeting. In terms of economic data, the ADP Jobs figure, at +177K, was close to expectations, while the ISM Non-Mfg was firm, at 57.5 (exp 55.8).
Much of Thursday will be spent mulling through the FOMC decision, with only some secondary data due out of the EU and the US. The global Services/Composite PMIs may cause some mild volatility but that aside there is nothing to come from Europe. The highlights from the US will be the March Trade Balance and Factory Orders, along with the weekly Jobless Claims. Ahead of that, the Aud$ may see continued volatility, on the back of the release of the March Trade Balance and New Home Sales, a speech by the RBA Governor,Lowe and the Caixin China Services PMI. Japan is still out for Golden week.
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|ASX SPI: 5871|