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15 Jun 2023

Another hawkish ECB hike

• Weaker USD. ECB delivered another hawkish hike. Policy divergence between the ECB & US Fed has boosted the EUR & weighed on the USD.• AUD stronger. Compounding the softer USD was another strong local labour market report & expectations China could announce stimulus to boost growth.• BoJ today. No changes expected. But tweaks appear inevitable. JPY is at quite low levels. We think there are more upside than downside risks from here. US and European markets diverged overnight, with contrasting central bank expectations a driver. European equities eased back (EuroStoxx50 -0.3%) and bond yields rose after the ECB delivered...

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Markets soften on hawkish Fed messaging

As had been clearly telegraphed and widely anticipated, the Federal Reserve opted to hold interest rates at yesterday’s meeting. Officials said “Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” and Jerome Powell avoided committing to any further moves, instead saying the July meeting would be “live” and dependent on incoming data. More unexpectedly, new projections showed policymakers expect to deliver two additional hikes by year end. But the “dot plot”, as the Summary of Economic Projections is colloquially known, has evolved into a strange hybrid between a forecast update...

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AUD: break-out or bull-trap?

After a rather torrid May, the AUD has sprung back to life over the past few weeks. At ~$0.6820 the AUD is around the top of its ~4-month range. The AUD has also outperformed on the crosses. AUD/EUR is near its highest level since mid-March, AUD/GBP has moved above its 50-day moving average (~0.5341), diverging interest rate and macro trends have propelled AUD/NZD over ~1.10 for the first time since late-February, AUD/CNH has touched a ~2-year high, and AUD/JPY is north of ~96 (heights it hasn’t been at since last September). There has been raft of important economic events and...

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