European stocks fell with the broad STOXX 600 index pulling away from Tuesday’s one-month highs. U.S. equity futures dipped and Japan’s Nikkei fell 1.6% in its biggest one-day percentage fall since mid-March.
Data on Tuesday showed U.S. job openings fell in February to the lowest level in almost two years and data on Monday pointed to weakening U.S. manufacturing activity. U.S. March service sector activity data is due out later. “With the banking worries at least in the background for now focus is on the economic data and central bank policy,” said Nordea chief analyst Jan von Gerich.
In contrast, New Zealand’s currency, also known as the kiwi dollar, jumped after the Reserve Bank of New Zealand raised rates by 50 basis points to a 14-year high at 5.25%.Outside the United States, markets see other central banks staying the course on hikes to tame. A Reuters poll of FX strategists found most expect that to keep pressure on the dollar this year.
Two-year Treasury yields were 3 bps higher at 3.87% but well below highs above 5% seen just before the collapse of Silicon Valley Bank last month.
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