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19 Dec 2023

19 Dec 2023

Santa rally continues

• Positive vibes. US equities posted another gain with the seasonal rally in full swing. Backdrop supported the AUD which touched its highest level since July.• USD softer. USD lost ground with the lift in USD/JPY on the back of a ‘dovish’ BoJ an exception. JPY underperformed with AUD/JPY up ~1.6% over the past 24hrs.• US inflation. PCE deflator (Fed’s preferred inflation gauge) due at the end of the week. A deceleration could reinforce rate cut pricing, weighing on the USD. The positive run across risk assets continued overnight. US equities posted another gain with the S&P500 (+0.6%) within striking...

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19 Dec 2023

Markets turn more cautious on Fed pivot

Markets are turning in a mixed performance this morning as continued optimism surrounding the prospect of a soft landing in the US economy intersects with deepening concern among market veterans over the extent to which positioning has become overstretched. Equity futures are pointing to a modestly-softer open, Treasury yields are slipping, and the dollar is holding steady. Oil prices are holding near two-week highs on the prospect of continued disruption along the Red Sea shipping route. A series of attacks by Iran-backed Houthi militias based in Yemen have forced major shipping companies to reroute cargoes out of the area, with...

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