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23 May 2024

Twists & turns

• US data. US PMIs stronger than expected. This fanned the flames of the ‘higher for longer’ rates view. US bond yields rose & equities dipped.• FX moves. USD a bit firmer, but net FX moves have been modest. AUD extended its pull-back to be near ~$0.66, in-line with its 1-month average.• Data calendar. A few bits & pieces released today such as UK retail sales & US durable goods orders. Next week AU retail sales & monthly CPI are due. Some more twists and turns in the global economic data with the US business PMIs for May coming in...

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Nvidia Earnings Offset Fed Losses in Currency Markets

The US dollar is edging lower as risk appetite recovers from a surprisingly-hawkish set of Fed minutes. The greenback surged yesterday afternoon after a record of the Federal Reserve’s last meeting showed officials expressing doubts over whether interest rates were tight enough to bring inflation down to target, weighing on rate cut expectations across the front of the curve. According to the minutes, although policymakers generally thought the central bank was “well positioned,” there were “many” who felt “uncertainty about the degree of restrictiveness” being imposed on the economy. “Various participants mentioned a willingness to tighten policy further should risks...

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