Two steps forward, one step back
• Push-pull forces. Positive US jobs offset by US rejecting Iran’s latest offer. US equity futures dipped & oil higher this morning. AUD at elevated levels.• Macro news. Australian budget in focus (Tues night). In the US, CPI inflation is due (Tues night). US producer prices & retail sales out later in the week. Global Trends Risk sentiment ended last week on positive footing as hopes for a US/Iran deal were compounded by a better than expected US jobs report. US non-farm payrolls surprised to the upside, rising by 115,000 in April. This broke the zig-zag pattern observed over the...