US Fed remains data dependent
• China focus. The surge in China’s equity market continued yesterday. Iron ore prices also higher. This helped the AUD add to recent gains.• Fed Chair. US yields & the USD clawed back some ground in overnight trade after Chair Powell tempered expectations about outsized rate cuts.• Data driven. US Fed is data driven. Interest rate expectations & USD will be sensitive to whether US data is stronger or weaker than predicted. Mixed fortunes across markets at the start of the new week. On the one hand the upswing in China’s equity market on the back of the stimulus push...