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09 Jan 2024

09 Jan 2024

Risk sentiment turns

• Market jitters. European/US equities gave back some ground, as did industrial metals. Global growth concerns also gave the USD a bit of a boost.• AUD underperforms. The global backdrop more than counteracted the positive Australia economic data. Black Friday helped retail sales exceed expectations.• AU inflation. The monthly CPI indicator is released today. Headline CPI is forecast to slow, but the RBA is more focused on core & services inflation. Risk sentiment soured a bit overnight. European and US equities gave back some of the gains from a day earlier (EuroStoxx50 -0.4% and US S&P500 -0.2%), US bond yields...

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09 Jan 2024

Caution Prevails, Keeping Currencies Rangebound

The dollar is performing in a mixed manner relative to its major rivals this morning as risk appetite fades amid a lack of definitive trading narratives. Investors are taking dovish comments from the Bank of Portugal’s Governor with a huge helping of salt. The euro-dollar exchange rate remained effectively unchanged after Mario Centeno told an interviewer “I don’t think we have to wait until May” to make a decision on cutting rates, “I don’t see any sign that second-round effects on wages have materialised or will materialise or that wages will put additional pressure on prices”. Odds on the European...

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