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01 Jun 2023

01 Jun 2023

False dawn?

• Optimistic markets. Sentiment improves, as a ‘skip’ by the Fed at the June meeting is factored in. Equities higher, bond yields & USD a bit lower.• US labour data. AUD has been boosted by the improved risk appetite. US labour market report released tonight. This could see the USD bounce back.• Wage decision. Ahead of the US data, the minimum/award wage decision is handed down this morning. This could influence RBA expectations & the AUD. The new month has started on positive footing with risk sentiment improving. But, from our perspective, the underlying data pulse and rationale given for...

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01 Jun 2023

Currency Markets Consolidate Ahead of Critical Non-Farm Payrolls Report

An easing in tail risks is helping lift global markets this morning after the US House of Representatives passed a bill to raise the debt ceiling. The measure passed by a 314-117 margin late last night, with Democrats joining with centrist Republicans to push the bill forward for approval in the Senate. Although disappointing earnings estimates are weighing on several of the biggest tech names, equity futures are broadly higher, Treasuries are reversing yesterday’s rally, and the dollar is edging upward against most of its major counterparts. The number of US employment vacancies jumped unexpectedly last month, further firming odds...

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