Euroflation falls, the US dollar strikes back
A pleasant surprise on European inflation, US core PCE as expected, China’s recovery stalls and OPEC+ for deeper cuts. JBWere’s Sally Auld takes us through a busy 24 hours.
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Show Notes
Friday 1st December 2023
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European inflation fells a little faster than expected. It’s knocked the Euro a little today, but JBWere’s Sally Auld says for the Euro to really see some gains it’ll take a combination of US rate cuts alongside strong growth outside the US, to help drive down the dollar. Meanwhile, the dollar ticked up a little today, with no surprises in the Core PCE numbers, and some unsurprising high-for-longer sentiment from Fed speakers. Jerome Powell will no doubt follow the same script in his fireside-chat later today. Aussie yields rose quite a bit higher overnight, perhaps because data is showing some resilience, particularly in housing. China’s PMI’s yesterday though, showed just how fragile their recovery is.
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