NZD

• US jobs. Payrolls were a bit higher than forecast & US unemployment dipped. US equities & yields rose giving the USD some support.• FX moves. The USD rebound was modest. Most of the major pairs, including the AUD, only slipped back to where they were tracking the day earlier.• Event radar. Locally, jobs data is due. Offshore, the US Fed, ECB & BoE meet. On top of that US CPI & retail sales are released, as is the China data batch. Positive sentiment across financial markets continued into the end of last week. A better-than-expected US labour market report...

• Fed speak. Some measured comments by Chair Powell & weaker ISM data reinforced expectations the next move by the Fed could be a rate cut.• USD weaker. The drop in US bond yields has exerted more pressure on the USD. AUD has risen back up to the top of its multi-month range.• Event radar. Locally, the RBA’s last meeting of ’23 & Q3 GDP are due. Offshore, focus will be on US labour stats with non-farm payrolls rounding things out. Downward pressure on US bond yields and the USD returned on Friday with the previous days rebound fleeting. Comments...

• Mixed markets. Equities edged higher, bond yields rose, & the USD rebounded. The AUD has slipped back over the past few sessions.• Data pulse. Eurozone CPI slowed more than expected, weighing on EUR. US data showed spending & inflation are moderating. Unemployment claims are rising.• AUD dips. AUD has given back some ground. RBA next week. No change expected, but we think the pressure to move again in early-2024 remains. A bit of a reversal of fortunes across markets overnight. However, while some of it was macro related, month-end ‘window dressing’ as investors rebalance exposures after sharp moves over...