Key Points:
RBA surprises markets with a 25-point hike to their interest rate
Former New Jersey governor Chris Christie enters the Republican Presidential race. He is a long shot but could shake things up and ultimately help Pence the former Vice President topple top candidate Donald Trump.
Global Dairy Auctions show weaker prices, the GDP price index is down 0.9%
Australian first quarter GDP 0.2% vs predicted 0.3%
The Bank of Canada shocked markets overnight hiking their interest rate 25 points to 4.75%. Underlying inflation remains stubbornly high.
Several US banks are speculating that the US economy has a 25% chance (revised down from 35%) of slipping into a recession over the next 12 months.
World Bank global growth forecast has been revised up from 1.7% to 2.1% for 2023, 2024 revised from 2.7% to 2.4% and 2025 at 3.0%
NZ First quarter manufacturing down -2.1% vs 3.9% expected.
The Australian Dollar (AUD) has been the best performer this week, while the worst has been the New Zealand Dollar (NZD).