NZD

• Consolidation. Better than expected US labour & Eurozone GDP data pushed up front-end bond yields. But FX moves were limited. AUD near $0.66.• AU inflation. Q4 CPI forecast to slow a little more than the RBA was thinking. But details matter. Attention will be on how services prices are evolving.• US Fed. Focus will be on the Fed’s guidance. Risks the Fed pushes back on near-term rate cut pricing appear high. This may give the USD a boost. Consolidation across markets overnight with sentiment waxing and waning as the data rolled in and with participants focused on tomorrow mornings...

• Soft landing? US GDP & PCE inflation data supported ‘soft landing’ views. Growth was better than expected, while inflation pressures continue to ease.• FX consolidation. Despite the macro signals FX majors have been range bound. USD is treading water, with AUD near its 200-day moving average.• Event radar. It is a busy week with Eurozone GDP/CPI, China PMIs, Australian inflation, & a range of US labour stats wrapped around the US Fed meeting. Last weeks economic dataflow supported views the US remains on the very narrow path towards a ‘soft landing’. US GDP exceeded expectations with growth running at...