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Daily Market Briefing, Asia Pacific

04 Jul 2024

US payrolls in focus

• US holiday. Quiet trading with the US shut for Independence Day. European equities, yields, & EUR higher on the back of easing French political risks.• AUD upswing. Softer USD & relative macro trends supporting the AUD. AUD/USD near the top of the range it has occupied since early-January.• US jobs. US non-farm payrolls released tonight. Signs the US jobs market is cooling could bolster Fed rate cut expectations which would drag on the USD. With the US markets shut for Independence Day it was relatively quiet overnight. There was a bit of a ‘risk on’ vibe in European trading...

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02 Jul 2024

Mixed signals

• Mixed markets. Divergence between US & European equities, while long-end bond yields & the USD gave back a little ground. AUD a touch firmer.• US macro. Fed Chair Powell noted there has been “quite a bit” of inflation progress. But more is needed. The ‘quits rate’ points to lower wages/inflation.• Data flow. Australian retail sales due today. UK election tomorrow. In the US, ADP employment, services ISM, & jobless claims released tonight. While there was a bit of divergence in equities overnight (the major European markets slipped back ~0.5% and the US S&P500 rose ~0.6% to be within striking...

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26 Jun 2024

RBA’s inflation challenge

• Firmer USD. No major economic releases but bond yields & the USD rose overnight. USD/JPY around levels last traded in late-1986. AUD round trip.• AU inflation. Monthly CPI higher than anticipated. Odds of another RBA rate hike as soon as 6 August have risen. Relative trends should be AUD supportive.• Events. RBA Dep. Gov. Hauser speaks & US durable goods due. PCE deflator released Fri night. US Presidential Election debate tomorrow (Fri 11am AEST). Financial markets have livened up a bit over the past 24hrs. Although outside of Australia where yesterday’s monthly CPI data surprised and triggered a repricing...

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25 Jun 2024

Holding pattern

• Range trading. US equities rebound, while bond yields & the USD tread water. Upside surprise in Canadian inflation generated limited CAD impact.• AU CPI. May reading of the monthly CPI due today. Data will include more services prices. Consensus looking for annual inflation to re-accelerate.• US events. No major US data or speeches tonight. Durable goods (Thurs night AEST) & PCE deflator (Fri night AEST) the next key US releases. In the main global markets continue to range trade with Northern Hemisphere summer trading conditions kicking into gear. Unlike the modest falls across European equities (EuroStoxx50 -0.3%), US equities...

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24 Jun 2024

Watching & waiting

• Consolidation. Quiet start to the week. Easing French election risks supported European equities & the EUR. Softer USD pushed AUD a bit higher.• JPY watch. USD/JPY is around levels which previously triggered bouts of FX intervention. Verbal rhetoric by Japanese officials is starting to pick up.• Inflation pulse. US core PCE deflator (due Fri) likely to slow, while monthly AU CPI (due Weds) could re-accelerate. Diverging trends are AUD supportive. It has been a quiet start to the new week. This isn’t surprising given the bulk of the potential market moving global releases such as US durable goods orders...

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