Short-term relief or trend change?
• Market relief. Softer US ADP employment data & a lower oil price weighed on bond yields. US equities rose & the USD drifted back slightly.• AUD consolidates. The AUD has clawed back a little ground. But it remains at low levels. Since 2015 the AUD has only traded sub ~$0.63 ~1% of the time.• US data. US payrolls is the next major event (Friday AEDT). Given where things are tracking a larger (more negative) USD reaction could occur if the data disappoints. A break from the recent trend overnight with bond yields lower, equities higher, and the USD a...