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20 Feb 2025

20 Feb 2025

USD losing altitude

• Softer USD. Firmer JPY & positive rhetoric about a possible US-China trade deal weigh on the USD. AUD & NZD up at pre-Christmas levels.• US consumer. Update from Walmart raised concerns about the health of the US consumer. Household spending is the engine room of the US economy.• AU jobs. Another positive jobs report. Employment stronger than expected. Data supports the RBA’s ‘hawkish’ guidance about future rate cuts. Global Trends Economic data didn’t move the needle overnight, rather concerns about the health of the US consumer via an update from bellwether stock Walmart and hopes of a trade deal...

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20 Feb 2025

Consumer Worries Drag Dollar Lower

Financial markets are turning more sceptical on the outlook for the US consumer and corporate sector this morning, forcing the dollar into a renewed retreat. Equity futures are pushing lower in response to weaker-than-expected guidance from consumer-spending bellwether Walmart, and after reports suggesting that new Defense Secretary Pete Hegseth had ordered the Pentagon to cut 8 percent from its budget in each of the next five years hammered military-adjacent stocks. Treasury yields are edging lower, with the ten-year holding just above 4.5 percent, and currencies like the Canadian dollar, Mexican peso, euro, and Japanese yen are advancing amid thin trading...

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