Steady as she goes
• FX consolidation. In contrast to the dip in US equities & yields the USD tread water. AUD near ~$0.66. Fed Chair Powell notes the “challenging situation”.• AU CPI. Monthly CPI indicator due today. Base effects & leading indicators point to a pick up in inflation. RBA looks set to remain on a different path to its peers. Global Trends Steady as she goes, at least in FX, with the major currencies treading water over the past few sessions after last week’s US Fed induced burst of volatility. EUR (the major USD alternative) is tracking just above ~$1.18, USD/JPY (the...