- The Swiss National Bank (SNB) has cut its interest rate by 25 basis points from 1.75% to 1.50%. The Norwegian Norges Bank kept rates unchanged at 4.50%.The Bank of England is keeping its policy rate unchanged as well, seeing it too early to cut just yet.
- Thursday’s US economic data releases start at 12:30 GMT with a mixture of data:
- Current Account data for Q4 is seen heading from a $200.3 billion deficit to $209.0 billion.
- The Philadelphia Fed Manufacturing Survey for March is expected to head from 5.2 to a contraction at -2.3.
- Initial Jobless Claims for this week are expected to climb from 209,000 to 215,000.
- Continuing Jobless Claims were last week at 1.811 million.
- S&P Global will release its preliminary Purchasing Managers Survey for March at 13:45 GMT:
- The Services PMI is expected to head from 52.3 to 52.
- The Manufacturing PMI should be heading from 52.2 to 51.7.
- The Composite PMI was at 52.5 in February, with no forecast pencilled in.
- At 14:00 GMT, Existing Home Sales data will come in, with a small retreat from 4 million to 3.94 million expected.
- Federal Reserve's Vice Chair for Supervision Michael Barr will speak around 16:00 GMT.
- Equities are holding on to overnight gains and are advancing further. Japan and China saw all their major indices close off with more than 1.5% gains. European equities are steady just below 1% and US equity futures are seeing the Nasdaq leading the charge by soaring near 1% ahead of the US opening bell.
- According to the CME Group’s FedWatch Tool, expectations for the Fed’s May 1 meeting are 91.5% keeping the rate unchanged, while chances of a rate cut are at 7.5%.
- The benchmark 10-year US Treasury Note trades around 4.23%, the lower end of this week.
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