US economy still powering along
• Macro trends. PMIs showed US economy is outperforming. Yield spreads support the USD. EUR slipped below ~$1.04 for first time since Q4 ’22.• AUD holding. AUD bucked the trend. Relative strength on the crosses helped the AUD nudge up. We think these dynamics can continue.• Event radar. Locally, monthly CPI & speech by RBA Gov. Bullock in focus. RBNZ expected to cut rates (Weds). US PCE & EZ CPI also due. Relative strength of the US economy over its peers was on show again on Friday in the latest business PMI data. PMIs are leading indicators for growth, employment,...