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The Morning Wrap

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  • US indices finished yesterday’s trading lower with major indices erasing all of the gains from the beginning of the session. S&P 500 dropped 0.41%, Dow Jones moved 0.11% lower and Nasdaq declined 0.85%. Russell 2000 dropped 0.72%
  • FOMC minutes showed that some Fed officials saw holding rates unchanged as appropriate at the March meeting amid banking turmoil. However, decision to hike by 25 basis points was ultimately unanimous
  • Markets are pricing in an almost-70% chance of 25 basis point rate hike at next FOMC meeting in May
  • Indices from Asia-Pacific traded mixed today – Nikkei gained, Kospi traded flat while Nifty 50 and S&P/ASX 200 pulled back. Indices from China traded slightly lower
  • DAX futures point to a slightly lower opening of the European cash session today
  • North Korea launched what seemed to be a new weapon system, possibly ICBM, towards the East Sea. Japanese authorities ordered residents of Hokkaido island, where the missile could land, to seek shelter inside buildings or underground. Evacuation order was later lifted
  • BoJ Governor Ueda said that inflation in Japan is likely to slow and the BoJ will continue with monetary easing until inflation target is reached stably and sustainably
  • RBA Deputy Governor Bullock said that pause in rate hikes in driven by job preservation and policy lags, rather than being a reaction to banking turmoil
  • AUD caught a bid after a solid jobs report for March – employment increased by 53k (exp. +20.6k) while the unemployment rate stayed unchanged at 3.5% (exp. 3.6%)
  • Chinese exports in USD terms increased 14.8% YoY in March (exp. -7.1% YoY) while imports were 1.4% YoY lower (exp. -6.4% YoY)
  • Cryptocurrencies are trading mixed – Bitcoin gains 0.4%, Ethereum drops 0.1% while Dogecoin adds 0.6%
  • Energy commodities traded lower – oil drops 0.3-0.4% while US natural gas prices decline 0.2%
  • Precious metals trade a touch higher with gold adding 0.1%
  • AUD and GBP are the best performing major currencies while CHF and JPY lag the most

AUDUSD jumped following solid jobs data for March from Australia. However, bulls failed to sustain a break above the 0.6710 price zone and a return below this area can be observed at press time. Source: xStation5

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