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06 Aug 2024

06 Aug 2024

Turnaround Tuesday

• Market rebound. Partial reversal in risk sentiment. US equities & bond yields rose overnight. USD index ticked up, while the AUD outperformed.• RBA hold. No change in rates from the RBA. But another hike was considered. Rate cuts still some time away. Policy divergence should be AUD supportive. A sense of calm has returned to markets with a partial reversal of the burst of risk aversion coming through over the past 24hrs. The Japanese Nikkei rebounded sharply with the index up over ~10% yesterday. US equities rose overnight, albeit more modestly (S&P500 +1%), with the VIX volatility index dropping...

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06 Aug 2024

RBA: Hold your horses

The RBA played a rather straight bat at today’s meeting with recent market gyrations not swaying the central bank to alter its mildly ‘hawkish’ vibes. Interest rates were kept steady at 4.35%, where they have been since last November, with inflation still front of mind. As outlined by the RBA, inflation has fallen from its 2022 peak but it is “some way” from the 2-3% target midpoint with the latest figures showing pressures are “proving persistent”. In its updated projections, while the RBA lowered its near-term headline CPI forecasts to take into account of the relief measures such as energy...

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