JPY

• Quiet start. US equities rose a bit overnight, while US bond yields & the USD eased. AUD & NZD near top of their respective multi-month ranges.• Macro trends. US jobs report released last Friday. Topline figures mask weakness under the hood. Indicators point to softer trends forming.• Event Radar. US/China trade talks taking place. In the US, inflation is a focus (Weds). Will the US CPI show tariff impacts on ‘goods’ prices? Global Trends It has been a quiet start to the new week across markets. US equities ended the overnight session a bit higher (S&P500 +0.1%), while US...

• US wobbles. US equities declined & USD softened. Public spat between Musk & Trump intensified. AUD touched a fresh year-to-date high.• Macro trends. ECB delivered a ‘hawkish’ cut. Tweaks to inflation forecasts & rhetoric suggest ECB is nearing the end of its easing cycle.• US jobs. Monthly US jobs figures in focus tonight. Various indicators point to a cooling US labour market. Will the data spring a surprise? Global Trends A couple of push-pull forces generated a few wobbles overnight. On net, in contrast to the modest uptick in European equities the major US markets declined (S&P500 -0.5%) with...

• Holding on. Consolidation across markets on Friday. US yields slipped back. AUD & NZD tread water. AUD near 1-month average.• Data flow. Tariff impacts starting to show. Container traffic to US slowing. Medium-term downside growth risks remain in place, in our view.• Event Radar. Q1 AU GDP due this week. ECB & BoC are meeting. A few US Fed members speak. US ISM & monthly jobs report also scheduled. Global Trends Despite a flurry of US data releases on Friday it was a quiet end to the week in markets. On net the US S&P500 was little changed over...