Pausing for breath
• Calmer markets. US bond yields, the S&P500, & the USD consolidated on Friday, though underlying risk sentiment still looks somewhat fragile.• Global events. European/US PMIs (Weds), week ending speeches by Fed Chair Powell & ECB President Lagarde, & China developments in focus this week.• AUD consolidating. AUD treading water near its 2023 lows. There are no local events scheduled this week. AUD will be driven by offshore news. After a busy few sessions markets consolidated on Friday with little new news coming through to move the needle or alter the fragile state of risk sentiment. The US S&P500 was...