Central banks looked done with rate hikes last week\u00a0
\nSwiss cut by 25bps
\nThe week ahead: Monthly CPI and markets closed on Friday, courtesy the big guy upstairs<\/p>\n
\u00a0<\/p>\n
It was a week to remember for the limelight absorbent central banks with the Reserve Bank of Australia (RBA), the Bank of Japan (BoJ), the US Federal Reserve, the boring olde Bank of England (BoE) and the Swiss National Bank (SNB) all choosing a fresh path for monetary policy.<\/p>\n
In Martin Place, the RBA left the cash rate on hold at 4.35%, as was widely expected.<\/p>\n
Belinda Allen, senior economist\u00a0 at CBA, said given the flow of data in the past month or so \u2013 particularly the Q4 23 GDP numbers and monthly CPI \u2013 there was a chance the Guv\u2019nah would nix the bank\u2019s long held \u201chiking bias.\u201d<\/p>\n
\u201cIn the end,\u201d Belinda says, \u201cthe mild tightening bias was removed and replaced with a neutral one \u201cthe Board is not ruling anything in or out\u201d\u201d<\/p>\n
\u201cThis reflects the language the Governor used at the post meeting press conference in February and acknowledges that the RBA is now more convinced the last rate hike is done.\u201d<\/p>\n
The RBA next meet on 7 May.<\/p>\n
The Bank of Japan on Tuesday overhauled its policy regime, exiting its negative interest policy and yield curve control. The BoJ reintroduced the unsecured overnight call at a range of 0.0%\u20110.1%.<\/p>\n
In contrast, the exuberant bunch at the Swiss National Bank made a gallant and unexpected 25 basis point cut.<\/p>\n
And there was much rejoicing.<\/p>\n
At the Bank of England the top boffins voted 8\u20111 to keep the Bank rate unchanged at 5.25%.<\/p>\n
Forward guidance was maintained that rates need to stay sufficiently restrictive for an extended period of time. Nevertheless, the BoE noted that \u201cpolicy could remain restrictive even if Bank Rate were to be reduced\u201d.<\/p>\n
CBA expect the first British rate cut in August.<\/p>\n
Traders had a rollercoaster, running the full gamut of trading emotions: shitscared and euphoric. Often at once.<\/p>\n
Gold casually smashed though record highs above US$2200\/oz before paring some gains late in the week.<\/p>\n
US markets hit frivolous new highs. Iron ore disappointed. Oil surged.<\/p>\n
And then there\u2019s\u00a0Bitcoin.<\/p>\n
After punching though US$70k last week, BTC gave up about 13% to land at US$60k and was heading back to record territory again on Friday, when Reuben last saw it heading to Vegas at US$66.5k circa COB Friday.<\/p>\n
The benchmark ASX200 ended the week ahead some 1.3%, thanks to a particularly robust day of trade on Thursday. A nice recovery from last week\u2019s depressing effort.<\/a><\/p>\n The XJO has now gained almost 10% over the last half year of trade\u2026<\/strong><\/em><\/p>\n\n Via Google<\/em><\/p>\n Via MarketIndex<\/p>\n \u00a0<\/p>\n It\u2019ll be a shortened week on the ASX, with the very badly named Good Friday<\/em> holiday. Good for everyone but<\/em> the guy it\u2019s commemorating \u2013 he\u2019s getting nailed to a tree.<\/p>\n This week the focus will be on said man, chocolate eggs via a rabbit and the local monthly CPI indicator.<\/p>\n There\u2019s also some retail trade data for February.<\/p>\n CBA expects a bounce back in the monthly CPI to 3.8%\/yr and a flat outcome for retail trade in February after a lift of 1.1% in January.<\/p>\n Job vacancy, credit growth and consumer sentiment data are also due.<\/p>\n Offshore, it\u2019s spooky quiet which will make everyone particularly sensitive to anything loony, unexpected or just not perfect enough about US PCE data.<\/p>\n Around our neck of the woods, there\u2019s inflation data dropping for Singapore and Malaysia, while some interesting meeting minutes from the Bank of Japan (BoJ) are also due.<\/p>\n It should really be Very Bad Friday<\/em> and then Just Terrific Sunday<\/em>.<\/p>\n With a punchier lead in, like\u2026<\/p>\n Jesus: He cannot<\/em> be stopped.<\/p>\n That\u2019s how you get the kids interested.<\/p>\n \u00a0<\/p>\n Monday March 25 \u2013 Thursday March 28<\/strong><\/p>\n MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY \u00a0<\/p>\n Monday March 25 \u2013 Friday March 28<\/strong><\/p>\n MONDAY<\/strong> TUESDAY<\/strong> WEDNESDAY THURSDAY Friday 29 Mar All sources:\u00a0IG Markets, S&P Global Market Intelligence, CommSec\u00a0<\/em><\/p>\n <\/span><\/p>\n The post Traders\u2019 Diary: Everything you need to get ready for the week ahead<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"How the Sectors fared last week<\/strong><\/h2>\n
<\/h2>\n
The Week Ahead<\/h2>\n
The Aussie Economic Calendar<\/h2>\n
\nACCI\u2013Westpac business survey Q1<\/p>\n
\nAustralia Westpac Consumer Confidence (Mar)
\nWestpac\u2013MI Consumer Sentiment (Mar)
\nRBA Head of Payments Policy speaks in Sydney<\/p>\n
\nWestpac\u2013MI Leading Index (Feb)
\nMonthly CPI Indicator (Feb)<\/p>\n
\nAustralia Retail Sales (Feb, prelim)
\nFeb private sector credit (Feb)
\nGob vacancies Q1
\nMI inflation expectations (Mar)<\/p>\n
\nASX holiday<\/p>\nThe Everyone Else Economic Calendar<\/h2>\n
\nIndia Market Holiday
\nJapan BoJ Meeting Minutes (Jan)
\nThailand Trade (Feb)
\nMalaysia Inflation (Feb)
\nSingapore Inflation (Feb)
\nTaiwan Industrial Production (Feb)
\nUnited States New Home Sales (Feb)<\/p>\n
\nJapan Consumer Confidence (Mar)
\nSingapore Industrial Production (Feb)
\nGermany GfK Consumer Confidence (Apr)
\nSpain GDP (Q4, final)
\nHong Kong SAR Trade (Feb)
\nUnited States Durable Goods Orders (Feb)
\nUnited States S&P\/Case-Shiller Home Price (Jan)
\nUnited States CB Consumer Confidence (Mar)<\/p>\n
\nSouth Korea Business Confidence (Mar)
\nChina (Mainland) Industrial Profits (Feb)
\nSpain Inflation (Mar, prelim)
\nFrance Consumer Confidence (Mar)
\nEurozone Economic Sentiment (Mar)
\nMexico Trade (Feb)
\nSpain Business Confidence (Mar)
\nSouth Africa SARB Interest Rate Decision<\/p>\n
\nJapan BoJ Summary of Opinions (Mar)
\nUnited Kingdom GDP (Q4, final)
\nGermany Retail Sales (Feb)
\nGermany Unemployment Rate (Mar)
\nItaly Business Confidence (Mar)
\nBrazil Unemployment Rate (Feb)
\nIndia Current Account (Q4)
\nCanada GDP (Jan)
\nUnited States GDP (Q4, final)
\nUnited States UoM Sentiment (Mar, final)
\nUnited States Pending Home Sales (Feb)<\/p>\n
\nUS, UK, Eurozone, Switzerland, Norway,
\nSingapore, Hong Kong SAR, South Africa, India, Brazil,
\nCanada, New Zealand Market Holiday
\nSouth Korea Industrial Production (Feb)
\nJapan Unemployment Rate (Feb)
\nJapan Industrial Production (Feb)
\nJapan Retail Sales (Feb)
\nFrance Inflation (Mar, prelim)
\nItaly Inflation (Mar, prelim)
\nUnited States Core PCE (Feb)<\/p>\n