Australian dollar sags with US inflation
David Llewellyn-Smith | Apr 03, 2023 08:43
Nothing could give a clearer signal of diverging market views on the outlook. DXY rose:
AUD sagged:
Gold eased. oil is at resistance:
Dirt is all over the place:
Miners (NYSE:RIO) gained:
EM (NYSE:EEM) too:
Junk (NYSE:HYG) popped:
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Yields fell:
Stocks want to break out:
The fuel was PCE which came in softer than expected:
Core PCE at 0.3% is a considerable improvement from where we started but wages are still strong so the Fed cannot relent yet.
Moreover, if stocks keep running, expect consumption to lift and pressure on prices to build again.
Unless or until the regional bank credit crunch bites.
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