Weekly Market WATCh

• Market WATCh Weekly 7 May 2021

  May 7, 2021

  In Australia, the RBA left its monetary policy settings unchanged. However, it announced that at the July meeting it will consider whether to move the 3-year yield target from the April 2024 bond to the November 2024 bond. That meeting will also see a decision on whether to continue its bond buying after the current program ends in September. Australian dwelling approvals surged by another 17.4% in March, while new home loans rose by 5.5% after a decline in February. The value of iron ore exports rose to another all-time high in March. ANZ job ads rose by 4.7% in April. Abroad, the US ADP employment posted a solid rise in April, while US initial jobless claims fell to a fresh pandemic low. The ISM manufacturing and services PMIs remained in the expansion territory.

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• Market WATCh Weekly 9 April 2021

  April 9, 2021

  In Australia, the RBA left its monetary policy parameters unchanged, as expected. Job advertisements hit a 12-year high in March, while the AIG reports pointed to strong growth in construction and in services activity. Offshore, the US ISM Services PMI jumped to the highest level on record in March (since 1997). Activity growth in Chinese services accelerated in March, while Chinese PPI inflation reached the highest level in almost three years.

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• Market WATCh Weekly 30 April 2021

  April 30, 2021

  In Australia, the CPI rose less than expected in Q1. The value of iron ore exports surged to a fresh all-time high in March. Payroll jobs and wages posted an Easter-related seasonal fall in early April. Offshore, the Fed and the Bank of Japan both left their monetary policy parameters unchanged, with the Fed saying it is too early to talk about tapering QE. US real GDP climbed to near pre-pandemic levels in Q1, while the GDP and PCE price deflators saw their biggest quarterly increases in a decade. US consumer confidence reached a fresh pandemic high in April.

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• Market WATCh Weekly 23 April 2021

  April 23, 2021

  The RBA minutes saw the central bank maintain its view that it does not expect to raise the cash rate until at least 2024. Aussie retail sales rebounded in March. The Westpac - Melbourne institute leading index continues to signal strong growth ahead and job vacancies saw another sizable increase in March. The Composite PMI rose to another record high in April. The Bank of Canada tapered its bond buying program and brought forward its expectations for an interest rate increase to 2022 from 2023. The ECB kept its monetary policy parameters unchanged this week.

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• Market WATCh Weekly 16 April 2021

  April 16, 2021

  In Australia, employment rose twice as much as expected in March, while hours worked have returned to pre-COVID levels. NAB business conditions hit a record high in March, while consumer confidence jumped to 11-year highs in April. US economic activity data pointed to a revival in the economic recovery in March, which was accompanied by a rise in consumer price inflation. Last week’s initial jobless claims were the lowest since the pandemic hit. In China, Q1 GDP and the March economic activity indicators surged from last year’s depressed levels. Chinese iron ore imports bounced to a five month high in March.

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• Market WATCh Weekly 1 April 2021

  April 1, 2021

  In Australia, payroll jobs fully recovered from the pandemic in mid-March. February retail trade fell less than first estimated. Private housing approvals bounced to fresh all-time highs in February, while housing loan commitments eased following strong increases in the previous months. The CoreLogic home value index rose 2.8% in March, the fastest pace since 1988. Offshore, US ADP employment report indicated a strong rise in payrolls in March. The official PMIs pointed to a renewed acceleration in economic activity in China, yet the Caixin manufacturing PMI eased a little on slower domestic growth.

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