A shot in the arm for China boosts the Aussie and commodities
Word of a fiscal shot in the arm for China has boosted the Aussie, whilst the US dollar pushes a little higher on soft landing hopes, ahead of the FOMC tomorrow morning. NAB’s Ray Attrill talks us through it all.
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Show Notes
Wednesday 26th July 2023
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There was a more substantial build in the Aussie rally yesterday, says NAB’s Ray Attrill which built further overnight. The reason, China, with the Politburo making announcements that suggest they are serious about stepping up macro policy support after the weak Q2 GDP numbers. That’s helped the Aussie and commodities. Meanwhile, the US is languishing in more evidence of a soft-landing, whilst Germany and most of Europe face a tough future. WE don’t have to wait long to see just how that will be reflected in central bank policies, starting with the FOMC first thing tomorrow. Strong earnings results for Alphabet and Microsoft too.
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