Monday 17th JUly 2023

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After all the confidence displayed last week following the lower-than-expected US inflation numbers, markets changing direction on Friday, with the US dollar rising, bond yields also increasing and equities losing some of their vigour. NAB’s Rodrigo Catril says in part this is a response to Friday’s consumer inflation expectations survey, mixed with a bit of natural adjustment after so much mid-week exuberance. If the UK’s CPI number this week also comes in lower than expected then we can expect hopes to be raise higher, but that is much less likely to happy. Instead, lets focus on Aussie employment numbers and China’s GDP read, both of which will influence local sentiment and the direction of the AUD, which clearly wants to avoid hitting 70 US cents just yet.

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