intereststeady, while the greenback regained some of the ground lost when data showed a slump in U.S. manufacturing activity. on Tuesday left its cash rate unchanged at 3.6 percent, breaking a run of 10 straight hikes as policymakers said additional time was needed to “assess the impact of the increase inAustralia pauses rate hikes to assess tightening impact on inflationThe Aussie fell as much as 0.4 percent following the decision and was last 0.3 percent lower at $0.6766.
“Unless the RBA are presented with a surprise uptick on the quarterly inflation print, I think the RBA will be happy to sit with 3.6 percent for the next two to three months.” The Institute for Supply Management survey showed on Monday that manufacturing activity fell to the lowest in nearly three years in March as new orders continued to contract, with all sub-components of its manufacturing PMI below the 50 threshold for the first time since 2009.
“The ISM manufacturing report for March was a dud,” said economists at Wells Fargo. “The closest thing we get to good news in report is that the slowing in the factory sector is pushing prices lower and supply chains are continuing to heal, benefiting from the slack.“Beyond that, the rest of the themes were those that often precede an economic recession.”
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