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28 Aug 2024

Swings & roundabouts

• Mixed markets. US equities dip with Nvidia lower in after hours trading. USD a touch firmer. AUD still hovering near the top of its multi-month range.• AU inflation. Headline CPI slows, but not as much as predicted. Underlying inflation still sticky. RBA unlikely to ‘pivot’ like the US Fed for some time.• Global data. US weekly jobless claims & German inflation due tonight. Tomorrow, Eurozone CPI & the US PCE deflator are released. Light news and data flow has kept most major asset classes range-bound over the past 24hrs. US equities slipped back ahead of the much-anticipated results update...

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Markets Mark Time as Nvidia Earnings Loom

As the hours tick down to this week’s key event risk – Nvidia’s latest earnings release – currency traders are moving to the sidelines and bidding up the greenback. The dollar is climbing against its major rivals, Treasury yields are declining, and North American equity indices are holding firm. The Mexican peso is the clear outperformer on the currency league tables this morning, bouncing back from yesterday’s losses as fears of a diplomatic crisis abate. The exchange rate dropped in yesterday’s session after a constitutional committee approved Andrés Manuel López Obrador’s plan to remove checks and balances in the country’s...

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