No new tariff news is good news
• Market swings. US equities ticked up while bond yields fell. This weighed on the USD. AUD & NZD continue to recover lost ground.• Data flow. US ADP employment improved but the services ISM declined. Non-farm payrolls released on Friday night. BoE rate cut expected tonight.• Stronger JPY. Wages in Japan accelerated. More BoJ rate hikes anticipated. This is JPY supportive. We see more AUD/JPY downside over medium-term. Global Trends In the absence of new US tariff related developments there has been a mixed performance across markets overnight. US equities swung around but on net ended the session in positive...