Jobless claims help cool things a little
Markets are using a rise in US jobless claims as an excuse to pull back on their response to surprise from the RBA and BoC this week. But NABs Gavin Friend says the fall in the US dollar only makes sense if the US economy cools more than Europe.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Friday 9th JUne 2023
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The US dollar has fallen a fair bit, with bond yields down and equities boosted, following a higher than expected jobless claims number in the US. NAB’s Gavin Friend says the markets are reversing some of the early responses to the double shock of rate rises by the RBA and the Bank of Canada. Clearly, the job claims number was used as an excuse to show an economy slowing. But is it an over-reaction? It is if other markets show an equal degree of economic slowdown, which arguably, Europe has done by recording a technical recession in the latest GDP revision.
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