Daily Market Commentary
Markets closed out a week which saw the Dow Jones Industrials hit new record highs and bond yields tumble, as Central Banks across the US and Europe cease interest rate rises and consider the prospects of rate cuts in 2024. The Santa Claus rally is truly on and welcomed by markets, as confidence surges. No doubt markets will attempt to close out 2023, on a high and will focus on growth and inflation. The US Dollar continues to cede ground, with the EUR bouncing back to 1.0900, while the GBP drifted back below 1.2700.
Commodity currencies have been the beneficiaries of the weaker reserve, with the AUD looking to regain 0.6700, while the NZD is approaching 0.6200. Confidence appears to be returning to global markets and rising tide is lifting all boats. Growth and deficit/debt is now coming into focus as inflation moves into the rear-vision mirror.
Weekly Market Calendar
18/12 NZ Consumer Confidence, NZ Services PSI, NZ Composite PCI, German Ifo Business Climate
19/12 NAHB House Market Index, NZ Trade Exports/Imports, NZ Business Confidence, RBA Minutes, Bank of Japan Rate Decision, EU CPI, Canada CPI/PPI, US Housing Starts, US Building Permits
20/12 NZ Dairy Prices, NZ Consumer Confidence, Japan Trade Exports/Imports, German Consumer Confidence/PPI, UK CPI, EU Current Account, US Weekly Mortgage Applications
21/12 EU Consumer Confidence, US Existing Home Sales, NZ Credit Card Spending, France Business Confidence, US GDP, US Weekly Jobless Claims, Philly Fed Manufacturing Index
22/12 Kansas City Fed Manufacturing Index, Japan CPI, Bank of Japan Minutes, UK GDP/Retail Sales/Current Account, France Consumer Confidence/PPI, Canada GDP, PCE Inflation, US Durable Goods Orders, University of Michigan Economic Sentiment
PLEASE NOTE THE VIEWS EXPRESSED IN THIS COMMENTARY ARE THOSE OF THE AUTHOR AND NOT COLLINSON & CO
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