Softer US data run continues
• Macro divergence. Regional Eurozone inflation positively surprised, while US GDP & ADP employment undershot forecasts. This pushed up the EUR.• AUD volatility. AUD spiked to a ~2-week high overnight before easing back. USD & China trends remain more influential than the local data.• AU inflation. Headline inflation slowed to 4.9%pa. But this was due to volatile items. Higher petrol prices point to a re-acceleration next month. Mixed fortunes across US and European markets overnight, inline with the divergence in the incoming data. European equities slipped back (EuroStoxx50 -0.3%) and bond yields rose (German rates increased ~3bps across the yield...