RBA on hold, Trump ready to go

NAB Morning Call

Wednesday 2nd April 2025

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Markets continue to dance around the uncertainty of Donld Trump’s Liberation Day tariffs tomorrow. There was a suggestion in the Wall Street Journal that the President might impose a 20%traiff on all imports, from everywhere, with the White House Press Secretary saying it was her understanding that the tariffs would be applied immediately. The truth is, nobody knows until Donald Trump says it, and even t hen it could change.

Data wise we saw a slightly weaker than expected ISM Manufacturing number overnight, with a surprisingly high prices paid component. The JOLTS job openings data also came in weaker than expected. NAB’s Taylor Nugent talks through the numbers, as well as reviewing the RBA decision, statement and press conference yesterday. Eurozone inflation also came down a little.

Today, tariffs aside, we get Australian building approvals, and the ADP payrolls numbers for the US, ahead of non-farm payrolls at the end of the week.

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