Euroflation falls, the US dollar strikes back
Friday 1st December 2023
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European inflation fells a little faster than expected. It\u2019s knocked the Euro a little today, but JBWere\u2019s Sally Auld says for the Euro to really see some gains it\u2019ll 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\u2019s PMI\u2019s yesterday though, showed just how fragile their recovery is.
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