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29 Oct 2024

29 Oct 2024

AUD still floundering

• Cross-currents. US equities outperformed. USD still elevated with global growth/US election concerns keeping NZD & AUD on the backfoot.• AU CPI. Q3 inflation due today. Government measures will mechanically lower headline inflation. RBA more focused on trends in core CPI.• Data flow. US election is next week. Ahead of that US Q3 GDP is due tonight. PCE deflator & non-farm payrolls also released this week. Mixed signals overnight across markets and regions. Unlike the dip in European equities (EuroStoxx600 -0.6%) the US stockmarket rose. A rally by megacap tech names, which was led by Alphabet after its earnings beat...

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29 Oct 2024

Currency Markets Enter Holding Pattern

Financial markets are in calm-before-the-storm mode ahead of a raft of economic data releases that are expected to show the US economy outperforming its advanced-economy peers, and before Americans head to the polls to choose the next president. The dollar is holding recent gains, Treasury yields are down slightly, equity futures are little changed, and oil prices are steadying after yesterday’s steep descent. The pound is trading sideways ahead of tomorrow’s Autumn Budget, and deteriorating cross-Atlantic rate differentials are keeping pressure on the euro. The Canadian dollar remains firmly on the defensive, pressured by weak domestic fundamentals, widening yield spreads,...

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