Wednesday 7th August 2024
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Is it feasible to expect a sharp recovery from one data set, after the extreme response to last week’s US jobs data? Markets bounced back sharply today, pushing US yields higher, strengthening the dollar and pushing shares back up. Although trade retraced its steps a little as the session marched on, with shares losing about half their gains at the US close. NAB’s Ken Crompton says we can expect volatility to be around for a while yet. Meanwhile, the RBA showed little concern for the risks of an economic slowdown, sending a clear message not to expect rate cuts this year and how they had given serious consideration to a rate hike this week. It’s a quieter session today, but that doesn’t man it won’t be just as volatile.
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