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26 Jul 2023

Australian inflation: lower but not low

For the first time in a while, the more detailed quarterly Australian CPI figures undershot expectations. The downside inflation surprise has seen the AUD dip in knee-jerk fashion towards its recent lows (now $0.6760) with the data creating a bit of doubt in the minds of markets as to whether the RBA will hike rates again at the 1 August meeting. In terms of the data, headline inflation slowed to 6%pa. This is down from 7%pa in Q1 and a peak of 7.8%pa in Q4 2022. The market was looking for headline inflation to slow to 6.2%pa, while the RBA...

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24 Jul 2023

Diverging growth trends

• European growth. EUR lower after Eurozone PMIs underwhelm. The shift in relative yield differentials supported the USD.• China Politburo. The leadership acknowledged the “difficulties”, & while it signaled it may inject fresh stimulus, no concrete measures were unveiled.• AUD events. Australia Q2 CPI due tomorrow, with the US Fed rate announcement & Chair Powell’s press conference on Thursday morning. Mixed performance across markets overnight, with divergence in the US and European business PMI data in focus. The impact of the rapid-fire policy tightening is bubbling to the surface. In Europe, falls in the PMI suggest growth momentum has slowed...

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24 Jul 2023

Euro tumbles on weaker private-sector outlook, rate differentials tilt back toward the dollar

It won’t have the self-aware irony of Oppenheimer or the apocalyptic scenes of the Barbie movie, but the week ahead should provide plenty of entertainment for currency market participants. The Federal Reserve and European Central Bank are each expected to raise rates by a quarter point and the Bank of Japan is seen holding pat, but markets could move dramatically if policymakers deliver consensus-busting guidance on their future intentions. The dollar is building on last week’s gains relative to its biggest rivals after a raft of European purchasing manager indices provided clear evidence of a profound slowdown, and global yields are coming...

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23 Jul 2023

A busy week ahead

• Firmer USD. The USD has continued to claw back ground. The AUD has remained on the backfoot and is now ~2.4% below its mid-July high.• Busy week. Locally, Q2 CPI (Weds) & retail sales (Fri) are due. Offshore, the US Fed (Thurs), ECB (Thurs) & BoJ (Fri) meet.• More AUD pressure? On net, we think the upcoming events/data could give the USD some more support, with AUD headwinds still in place. Markets had a quiet end to last week. But things could heat up this week with a string of major data points and central bank meetings on the...

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20 Jul 2023

USD revival continues

• Stronger USD. US jobless claims declined, another sign the labour market is still tight. US bond yields rose, supporting the USD.• AUD round trip. The AUD’s Australian labour force & stronger CNH induced gains unwound overnight. AUD a bit firmer on the crosses.• Next week. Q2 AU CPI (26 July) could make or break the case for an August RBA hike. US Fed, ECB, & BoJ policy decisions also on the schedule. A more cautious tone across markets, with a round of disappointing tech-sector earnings results and ongoing signs of tight labour market conditions rattling nerves as it points...

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