JPY

• US CPI. Not as bad as feared US inflation supported sentiment overnight. US equities rose, as did US rate cut expectations. USD softer. AUD rebounded.• RBA change. RBA finally delivered another 25bp rate cut yesterday. A few more moves look to be in the pipeline based on the RBA’s new forecasts.• Data flow. AU wages out today & jobs report due tomorrow. China data released on Friday. US producer prices & retail sales on the radar later this week. Global Trends The latest read on US CPI inflation was in focus overnight and another ‘not as bad as feared’...

• Mixed signals. US equities rose on Friday. Bond yields ticked up. Limited net moves in FX. AUD & NZD tracking above their 1-year averages.• RBA focus. After surprising by holding rates steady in July, RBA expected to cut this week. Given inflation & job trends will the RBA turn more ‘dovish’?• Event Radar. In addition to the RBA the latest jobs figures are out this week. In the US CPI inflation & retail sales are due, as is the China data batch. Global Trends A mixed performance across markets at the end of last week, with limited new news...

• Upbeat tone. US equities have rebounded over recent days, while bond yields & the USD lost ground. AUD & NZD have edged a little higher.• US macro. A run of weak US data has boosted Fed rate cut expectations. US CPI inflation & retail sales are a couple of important releases out next week.• Data flow. China trade data due today. Bank of England expected to cut rates. Next week RBA looks set to lower rates after holding steady in July. Global Trends Questions about the health of the US economy, an adjustment in interest rate views, and a...

• Mixed markets. Equities slipped back & USD ticked up overnight. AUD & NZD remain on the backfoot. JPY weaker after some BoJ comments.• US data. US jobs report out tonight. There has been a tendency for non-farm payrolls to exceed analyst forecasts the past few months. Will this continue?• AUD trends. The unfolding pull-back in the AUD isn’t unusual at this time of year. Late-July/August is typically a negative period for the AUD. Global Trends Mixed fortunes across markets overnight with US and European equities slipping back, bond yields consolidating, and the USD ticking up a bit further. The...