Aussie market fell on the open but recovered through the day on the back of the yield trade ahead of the CPI data tomorrow to finish in the black. That’s 21 positive days out of 28 trading days since mid-June. The market was betting on weak CPI data to drive rate cut and bought into Financials and Utilities. Even the AUDUSD was stronger on the yield trade. CPI data may see some support after recent strength in commodities and currency, but when the central banks around the world are on the race to the bottom, RBA has to atleast stay in the game. Don’t mention the war, but the last thing RBA wants after an ineffective government gets re-elected, is for the currency to start moving up and killing off the services sector recovery. Global markets are being very complacent about the US Fed meeting starting tonight.…. (VIEW LINK)
Please sign in to comment on this wire.