Send Payments Weekly trading update on 5th March 2024!

Thank you Ian Cragg and the Send Payments Team for sharing the “Send Payments Weekly trading update!” With THE EXPATRIATE Community.

In The News Yesterday! 🌏

– Market Conditions and what’s in the calendar 🗓️

Economic Data Snapshot:

1. January building approvals in Australia fell below expectations.

   1. Q4 inventories slumped, raising concerns about the potential impact on Q4 economic growth.

   2. Despite a surge in company profits, the inventories number poses a challenge for the upcoming GDP report.

2. Market Reaction:

   • The Australian Dollar experienced a decline, becoming the second-worst performing G10 major currency .

   • The Pound to Australian Dollar exchange rate rose by a third of a percent, reaching 1.9506, following Australia's monthly inflation print falling slightly below expectations.

3. Inflation Outlook:

   • The data, including the quarterly inflation figure, suggests that inflation is tracking at levels acceptable to the Reserve Bank of Australia (RBA), they will look for further drops in inflation before taking action to cut interest rates.

What happened last week …

Last week, the pressure was back on the AUD after Australian CPI printed lower than the expected, coming in at 3.4%, vs an expected 3.6%. Investors moved away from the AUD, dropping the rate 0.9% from 0.6546, to 0.6487 throughout Wednesday afternoon.

The RBNZ held interest rates steady at 5.5%, dropping the NZD against most majors. The tone from the central bank was soften than previous updates, pushing towards an end to the rate hike cycle, in line with most major central

banks globally.

Chinese manufacturing PMI’s came in higher than expected on Friday afternoon, giving the AUD a well needed boost towards the end of the week. It was expected to print at 50.9, though came in above at 51.4. A welcome sign that gave riskier currencies globally a boost against the USD.

Things to look out for this week;

• Monday 4th March

  🇨🇭 CPI m/m - CHF

• Tuesday 5th March

  🇯🇵 BOJ Gov Ueda Speaks - JPY

• Wednesday 6th March

  🇺🇸 ISM Services PMI - USD

  🇦🇺 GDP q/q - AUD

• Thursday 7th March

  🇺🇸 ADP Non-Farm Employment Change - USD

  🇨🇦 BOC Rate Statement - CAD

  🇨🇦 Overnight Rate - CAD

  🇺🇸 Fed Chair Powell Testifies - USD

  🇺🇸 JOLTS Job Openings - USD

  🇨🇦 BOC Press Conference - CAD

• Friday 8th March

  🇪🇺 Main Refinancing Rate - EUR

  🇪🇺 Monetary Policy Statement - EUR

  🇺🇸 Unemployment Claims - USD

  🇪🇺 ECB Press Conference - EUR

  🇺🇸 Fed Chair Powell Testifies - USD

• Saturday 2nd March

  🇨🇦 Employment Change - CAD

  🇨🇦 Unemployment Rate - CAD

  🇺🇸 Average Hourly Earnings m/m - USD

  🇺🇸 Non-Farm Employment Change - USD

  🇺🇸 Unemployment Rate - USD

If you have any questions, feel free to contact Ian Cragg, our International Currency Specialist based in Australia, to help with any questions you might have about moving money globally.

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