EUR

• Choppy times. US equities weaker at the end of last week. Paring back of rate cut expectations a factor. USD consolidates with USD/JPY declining.• AUD trends. AUD hovering just above recent lows. Stronger for longer USD a medium-term AUD headwind. But AUD can edge up on the crosses.• Event radar. Global PMIs & CPI data from the UK, Japan, & Canada is due. ECB, US Fed, & RBA members are also due to speak this week. It was a choppy end to the week in markets on Friday with the US election outcome continuing to wash through and with...

• Policy trends. The pricing in of the Trump agenda & comments by Fed Chair Powell have seen US rate cut expectations pared back.• USD upswing. The adjustment in yield spreads in the US’ favour is supporting the USD. We think this trend may have further to go.• Data pulse. The monthly China activity data is due today. Tonight, focus will be on US retail sales given consumption is the economic engine room. The post US-election market gyrations were on show again overnight as participants continue to contemplate what a Trump policy mix of trade-tariffs, greater fiscal spending, and steps...

• Trump trade. Post US election repricing continues. US yields rose. Widening yield spreads are pushing up the USD. AUD on the backfoot.• US data. Trump policy agenda is USD supportive. Data wise, US CPI due tonight. Sticky core inflation could add to the USD’s upswing.• Local news. Consumer sentiment improved. Business conditions holding up. Q3 wages due today. Monthly jobs report out tomorrow. The post US-election repricing in markets extended overnight with participants continuing to factor in what the Trump policy mix of trade-tariffs, greater fiscal spending, and steps to curb US immigration will mean for the outlook. Reports...