Calm Easter Market, Eurozone and US Data Awaited
The trading is muted today due to the Easter holiday. Japanese Yen has lowered. Aussie reduced as weak. Today’s data marks Eurozone ISM manufacturing. On Wednesday, the Eurozone will release Preliminary Consumer Price Index. We’ll also get Eurozone Manufacturing PMI indices tomorrow. Additionally, Reserve Bank of Australia will have a policy meeting. As usually, members are expected to stand pat, maintaining the cash rate at 1.50%. On Friday, the US will feature non-farm payrolls.
Chinese government raised tariffs on 128 US goods to 25%. The list of products includes frozen pork, wine, certain fruits, nuts and sums up to 3 billion dollars. This came as an expected response to US steel and aluminum tariffs. And now, speculations and concerns about a U.S.-China trade war have only increased. Meanwhile, Trump will soon impose some 60 billion dollars tariffs on China’s products.
Japan large manufacturing index fell to 24 from 26. Large manufacturers outlook reduced to 20 from 21. Large non-manufacturing index dropped from 25 to 23. Large non-manufacturing outlook remained at 20. Overall business confidence stays resilient. PMI manufacturing was revised down from 53.2 to 53.1 in March. Chinese Caixin PMI manufacturing lowered from 51.6 to the 4-month minimum of 51.0 in March. Official China PMI manufacturing increased from 50.3 to 51.5. Official PMI manufacturing lifted from 54.4 to 54.6.