 Risk aversion is sweeping through global financial markets today, with equities across Asia and Europe plunging ahead of the US's so-called tariff “Liberation Day” on April 2. The selloff began in Asia, and continued through European Session. US futures are also pointing sharply lower, with the tech-heavy NASDAQ bearing the brunt of the pressure. Meanwhile, Gold continues to surge, with prices pushing above 3120 and showing no signs of slowing. Currency markets reflect the prevailing risk-off tone, with Yen leading gains as investors seek refuge. Dollar and Sterling are also relatively firm. Aussie, Kiwi and Loonie are the weakest performers. Euro and Swiss Franc are trading mixed in the middle. Australia’s RBA decision tomorrow will be in focus, though it's unlikely to trigger fireworks. The central bank is widely expected to keep rates on hold at 4.10%, emphasizing its vigilance on inflation while pushing back on expectations for a rapid easing cycle. The big four banks are split on the path forward. CBA, Westpac, and NAB anticipate three more RBA cuts this year starting in May, subject to Australia's Q1 CPI report due April 2. ANZ, on the other hand, sees just one more cut in August, which would leave the cash rate at 3.85%.... |
