Whimsical Winds of the Markets ahead of ADP job report and US PMI

The Asia-Pacific market waltzes into Wednesday, with mixed tunes playing to the rhythm of the Federal Reserve's easing hawkish bias and the downbeat US jobs report. The Reserve Bank of New Zealand (RBNZ) adds a surprise spin to the dance floor, leaving the market in an exhilarating tango of uncertainty. As the cautious dancers anticipate more key data from the US, they find themselves in a delicate balancing act.

The MSCI's Index of Asia-Pacific shares outside Japan hums a gentle melody of modest gains, while Japan's Nikkei 225 beats a somber drum, dropping 1.65% intraday. Meanwhile, US JOLTS Job Openings and Factory Orders sing a sad song, signaling a potential slowing of job growth and echoing concerns for equities.

RBNZ Strikes a Bold Chord in the Market Symphony

The RBNZ boldly steals the spotlight with a surprise 50 basis points (bps) rate hike, lifting the Official Cash Rate (OCR) to 5.25%. However, the hushed whispers of the Fed's next move help New Zealand's NZX 50 and Australia's ASX 200 stay relatively composed, moving gracefully amidst the unfolding performance.

Bonds & Greenback Await Their Cue

In the backdrop, the S&P 500 Futures strike a chord of mild gains, while the US 10-year and two-year Treasury bond yields pause their descent at 3.35% and 3.85%, respectively. The US Dollar Index (DXY) wavers, dipping to a five-week low before rising to around 101.54, as Oil and Gold prices maintain their sluggish tempo.

ADP Employment & Services PMI

Traders find themselves in suspense, awaiting the release of the US ISM Services PMI and ADP Employment Change for March. The holiday in China and Hong Kong adds to the anticipation, leaving market moves restrained for the moment. Investors eagerly await the performances, which may unveil the current state of the labor market, manufacturing activities, and policy-tightening potential.

Gold Price Waltzes Around $2,020 as Markets Await Clarity

The precious metal Gold gracefully swirls around $2,020, biding its time for the United States ADP Employment data to unveil the labor market's fate. Meanwhile, the S&P500 futures and US Dollar Index (DXY) dance hesitantly, reflecting the market's mixed emotions.

Gold's price steps towards the resistance line drawn from the 08 March 2022 high at $2,070.54, with intermediate support at $1,998.43. The advancing 10-period Exponential Moving Average (EMA) at $1,984.65 reveals the bullish momentum's unyielding strength, as the Relative Strength Index (RSI) bounces back from 60.00, hinting at the market's insatiable appetite for every pullback.