USD

• Mixed markets. US equities touched a record. Bond yields rose, as did the USD. AUD drifted back after coming close to its year-to-date peak.• US jobs. Revisions to US payrolls larger than anticipated. Pace of jobs growth looks a lot slower. US Fed likely to deliver a series of rate cuts.• Inflation trends. US producer price inflation due tonight. Consumer prices out tomorrow. Will the data show greater pass-through from tariffs? Global Trends A mixed performance across markets overnight. The US S&P500 (+0.3%) hit a fresh record with the index now over 10% higher compared to where it ended...

• Upbeat tone. Markets continue to factor in US Fed rate cuts. US bond yields fell further & USD weakened. AUD approaching top of its year-to-date range.• US jobs. Benchmark revisions to US payrolls due tonight. Negative revisions could keep USD on backfoot, a tailwind for other currencies.• Inflation pulse. US producer & consumer prices due later this week. More signs of tariff driven inflation may generate a burst of market volatility. Global Trends News wise it has been a quiet start to the week. The lack of fresh information has seen markets reinforce their US Fed interest rate cut...

• US jobs. Weaker than forecast US jobs report. US Fed rate cut expectations increase. Lower US bond yields weigh on USD. AUD & NZD firmer.• Fed policy. Step down in employment points to a series of rate cuts by US Fed. Markets toying with the idea of a 50bp move later this month.• Key Events. In the US, revisions to non-farm payrolls in focus this week, as are producer prices & CPI inflation. ECB also meets. No change expected. Global Trends The state of the US jobs market was in the spotlight on Friday and the data (once again)...