AUD descended from its four-month highs after the central bank indicated the aussie’s strength was a risk to the country’s economic recovery this year. The Reserve Bank of Australia held rates steady, as expected. The central bank also said a sharp fall in the currency throughout 2013 was assisting the economy, although the recent rebound had reduced the benefit for exporters.
Wednesday, April 2, 2014
US Stocks Up Upbeat Factory Data
US stocks rallied as upbeat manufacturing data signalled the economy is emerging strong from its weather-induced setbacks. The Dow ticked 0.5% higher, while the S&P 500 added 0.7% and the Nasdaq tacked on 1.6%.
Asia Up as Investors Give a Nod to China Data
Asia equities closed higher, as investors cheered a surprise rise in China output. Manufacturing activity among larger firms rose as the official PMI edged to 50.3 in March, breaking a three-month streak of declines. It was 50.2 in February. Separate data from HSBC suggested smaller private firms were seeing weakness, with PMI falling further to 48.0, the weakest level in a year and a half. China’s SHCOMP advanced 0.7%, while Hong Kong’s Hang Seng climbed 1.3% and Taiwan’s TWSE rose 0.3%.
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