Global Markets Plunge, Aussie Down Ahead of RBA
| Action Insight Mid-Day Report 3-31-25 |
Global Markets Plunge, Aussie Down Ahead of RBA |
Risk aversion is sweeping through global financial markets today, with equities across Asia and Europe plunging ahead of the US's so-called tariff “Liberation Day” on April 2. The selloff began in Asia, and continued through European Session. US futures are also pointing sharply lower, with the tech-heavy NASDAQ bearing the brunt of the pressure. Meanwhile, Gold continues to surge, with prices pushing above 3120 and showing no signs of slowing. Currency markets reflect the prevailing risk-off tone, with Yen leading gains as investors seek refuge. Dollar and Sterling are also relatively firm. Aussie, Kiwi and Loonie are the weakest performers. Euro and Swiss Franc are trading mixed in the middle. Australia’s RBA decision tomorrow will be in focus, though it's unlikely to trigger fireworks. The central bank is widely expected to keep rates on hold at 4.10%, emphasizing its vigilance on inflation while pushing back on expectations for a rapid easing cycle. The big four banks are split on the path forward. CBA, Westpac, and NAB anticipate three more RBA cuts this year starting in May, subject to Australia's Q1 CPI report due April 2. ANZ, on the other hand, sees just one more cut in August, which would leave the cash rate at 3.85%.... |
AUD/USD Mid-Day Report Daily Pivots: (S1) 0.6275; (P) 0.6293; (R1) 0.6306; More... Intraday bias in AUD/USD is back on the downside with break of 0.6257 support. Fall from 0.6390 should now target 0.6186 next. Firm break there e will indicate that corrective pattern from 0.6087 has completed and larger fall from 0.6941 is ready to resume. For now, risk will stay on the downside as long as 0.6329 resistance holds, in case of recovery. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 23:50 | JPY | Industrial Production M/M Feb P | 2.50% | 1.90% | -1.10% | | 23:50 | JPY | Retail Trade Y/Y Feb | 1.40% | 2.40% | 4.40% | | 00:00 | NZD | ANZ Business Confidence Mar | 57.5 | 58.4 | | 00:30 | AUD | Private Sector Credit M/M Feb | 0.50% | 0.50% | 0.50% | | 01:30 | CNY | NBS Manufacturing PMI Mar | 50.5 | 50.5 | 50.2 | | 01:30 | CNY | NBS Non-Manufacturing PMI Mar | 50.8 | 50.5 | 50.4 | | 05:00 | JPY | Housing Starts Y/Y Feb | 2.40% | -1.90% | -4.60% | | 06:00 | EUR | Germany Import Price Index M/M Feb | 0.30% | -0.10% | 1.10% | | 06:00 | EUR | Germany Retail Sales M/M Feb | 0.80% | 0.00% | 0.20% | | 08:30 | GBP | M4 Money Supply M/M Feb | 0.20% | 1.10% | 1.30% | | 08:30 | GBP | Mortgage Approvals Feb | 65K | 66K | 66K | | 12:00 | EUR | Germany CPI M/M Mar P | 0.30% | 0.30% | 0.40% | | 12:00 | EUR | Germany CPI Y/Y Mar P | 2.20% | 2.30% | | 13:45 | USD | Chicago PMI Mar | 45.4 | 45.5 |
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