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21 Nov 2023

21 Nov 2023

Steady as she goes

• Consolidation. Positive momentum in equites stalled & bond yields slipped back. USD ticked up a bit, but the AUD remains near the top end of its 3-month range.• US macro. US home sales fell again as tighter conditions bite. FOMC meeting minutes reiterated that they are now in a position to “proceed carefully”• RBA speak. Comments yesterday by Gov. Bullock & the November meeting minutes struck a slightly more ‘hawkish’ tone. Gov. Bullock gives a speech tonight. It has been a rather uneventful night with market moves modest. Positive momentum in US and European equities stalled (S&P500 -0.2%) and...

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21 Nov 2023

Dollar fades ahead of Fed minutes

The dollar keeps slipping, slipping, slipping into the future. With this afternoon’s Federal Reserve meeting minutes expected to confirm an increasingly-dovish consensus among policymakers, the greenback is trading near its August lows, down almost 3 percent on a trade-weighted basis this month. The record of deliberations leading up to the central bank’s early-November decision is likely to show officials seeing growth and inflation risks as more “balanced,” with “many” or “most” participants seeing rates as “near, or already at a sufficiently restrictive” level – language that should bring market-implied odds on a final rate hike down to near zero. The...

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