Falling dollar helps the Aussie, but only so far
A falling US dollar is usually good for the Aussie dollar, but NAB’s Ray Attrill says there are other factors stopping the AUD return to 70 US cents.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Monday 27th November 2023
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At the end of a quiet week we saw the US dollar fall a little further on Friday. NAB’s Ray Attrill says this reflects the expectation that there will be no further hikes from the Fed. The Aussie dollar hasn’t realised the full potential, largely because of question marks over the speed of the Chinese recovery. There was mixed economic news at the end of the week; US PMIs were a little softer than expected, particularly for manufacturing. It seems Black Friday online sales were strong, and retail sales in New Zealand and Canada were better than expected. So, will too much resilience add to inflation woes. The BoE’s Huw Pill says supply constraints continue to be the issue so they need to hammer demand down to meet it. The key number this week will be the PCE inflation data out of the US. Nobody wants to see that tick up again.
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