Market WATCh Weekly 7 May 2021

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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