What recession?
• Fading concerns. Lower US jobless claims eased US recession fears. US equities surged. Cyclical currencies like the AUD outperformed.• RBA hawks. ‘Hawkish’ rhetoric from RBA Gov. Bullock also supported the AUD. The RBA is diverging from the pack. We think this is AUD positive.• Event radar. Limited data today. Several releases next week including US CPI/retail sales, China data, RBNZ meeting, & AU jobs/wages. Market fears have continued to fade with cyclical assets enjoying a positive 24hrs. Concerns a US recession is around the corner eased further after the latest read on initial jobless claims fell to a multi-week...