The markets opened yesterday amid thin trading yesterday. Investors woke up to the news about China imposing fresh tariffs on certain U.S. imports which was seen as a retaliation to the U.S. tariffs on steel and aluminum. Equity markets fell on the day and the Japanese yen was seen strengthening on a modest risk off sentiment.
Gold prices surged 1.19% while the Japanese yen rose 0.27% on the day.
The ISM manufacturing PMI data for March showed that the index fell to 59.3 which was more than the forecast of a decline to 60.1. This comes amid the manufacturing index hitting recent fresh highs at 60.8 in February. The ISM manufacturing prices however posted strong gains, rising to 78.1 and beat forecasts of 72.5.
Earlier today, the Reserve Bank of Australia was seen keeping interest rates unchanged at 1.50% as widely expected for the 18th consecutive month. Looking ahead, the economic calendar for the day covers the final manufacturing PMI from the Eurozone.
In the UK, the manufacturing PMI data for March is expected to show the index slipping to 54.8 down from 55.2 in February. Fed member, Brainard is scheduled to speak later in the evening.
