An update on our economic calendar.
China’s inflation rate decreased to 0.9 percent from an expected 1 percent for the month of March.
Australia’s unemployment rate increased to 60,900 from an expected 20,000 and this resulted in the Australian dollar strengthening further this afternoon.
In other news, U.S President Donald Trump is backing away from his campaign promise by announcing that his administration will not label China a currency manipulator. This is because taking that step now could jeopardize his talks with Beijing on confronting the threat from North Korea.
In the telephone conversation between Chinese President Xi Jinping and Trump yesterday, Jinping stressed that China was committed to the target of denuclearisation on the peninsula, safeguarding peace and stability on the peninsula, and advocates resolving problems through peaceful means.
The call came after concerns that North Korea could soon conduct a sixth nuclear test or more missile launches in defiance of U.N. sanctions, and over Trump’s threat of unilateral action to solve the problem.