GBP

• Holding on. Quiet end to last week. US equities at record levels. US yields & USD tick up. AUD eased back further. AUD’s first weekly fall in a month.• Event Radar. Global PMIs due (Tues). US PCE deflator also out (Fri). US Fed Chair Powell speaks (Weds AEST). AU CPI indicator scheduled (Weds). Global Trends It was a fairly quiet end to the week after the burst of US Fed inspired volatility the prior few sessions. Data wise there were no major releases in the US or Europe, while in Asia, as expected, the Bank of Japan held interest...

• Fed moves. US Fed cut rates by 25bps & flagged more down the track. But this was priced. A burst of vol. overnight. AUD slipped back from ~11mth highs.• Rate cuts. Chair Powell labelled it ‘risk management’. But negative labour market trends point to a steady stream of Fed rate cuts, in our view.• Data flow. Bank of Canada also cut rates overnight. NZ GDP weaker than expected. Australian jobs report out today. BoE set to hold steady tonight. Global Trends The US Fed policy meeting was in focus overnight. The outcome generated a bit of volatility due to...

• Mixed markets. US equities consolidated while yields dipped & USD weakened. EUR at multi-year high. AUD at levels last traded in November.• US Fed. Tomorrow’s Fed decision in the spotlight. After being on hold since December the US Fed is expected to cut rates by 25bps.• Signals matter. Fed’s guidance in focus. More cuts anticipated over coming months. But Fed may struggle to be more ‘dovish’ than what is baked in. Global Trends A mixed performance across markets over the past 24hrs with participants focused on tomorrow’s US Fed meeting (4am AEST) and Chair Powell’s press conference (from 4:30am...