France: Mar Markit Manufacturing PMI up to 44 vs 43.9 in Feb

Today’s RBA policy announcement didn’t surprise, as the cash rate was left unchanged at 3% for the third month in a row and the communiqué was fairly similar to February/March (but more upbeat at margin). “The inflation outlook...would afford scope to ease policy further, should that be necessary to support demand”, said the announcement. “Barring offshore shocks, we believe the RBA is in a comfortable position to sit tight for the next couple of meetings (TD –25bp in June, to 2.75%) as we all wait for Mar qtr CPI report (24 April) and capex survey (30 May)”, wrote analyst Alvin Pontoh, pointing also to the strong rise in the RP Data-Rismark dwelling price index by 1.3% m/m and 2.4% y/y, the fastest annual increase since early 2011, while the PMI slid 1.2pt to 44.4 in March.