The focus of the US part of the session was on FOMC Meeting Minutes. Federal Reserve policy makers last month debated an April interest-rate hike, with several officials leaning against such a move because it would send the wrong signal and others saying it might be warranted. “Several expressed the view that a cautious approach to raising rates would be prudent or noted their concern that raising the target range as soon as April would signal a sense of urgency they did not think appropriate,” minutes of the Federal Open Market Committee’s March 15-16 meeting released Wednesday in Washington said.
“In contrast, some other participants indicated that an increase” in the federal funds rate target range at the April 26-27 meeting “might well be warranted” if economic data came in as expected, the minutes said. It was noted that FOMC had room to raise rates if officials were surprised by the economy’s strength, while having less room to ease if growth softened. “This asymmetry made it prudent to wait for additional information regarding the underlying strength of economic activity and prospects for inflation before taking another step to reduce policy accommodation,” the minutes said.
There will be no major data releases from Australia tomorrow. In the US session, Unemployment Claims figures will be published. Analysts are forecasting decrease to 271,00.
Figures to watch:
Unemployment Claims (Thursday 14:30)
