Gold hits a new record high as the US 10 year yield falls to its lowest point this year.; China holds the Yuan strongly amid depreciation pressure; and New Zealand’s job market loosens enough to green-light the RBNZ to cut 50 basis points this month.

In our bonus deep dive interview, ANZ Senior Commodities Strategist Daniel Hynes explains what’s behind the surge in gold prices to record highs and a 5% fall in oil prices since Trump’s inauguration. 

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Mexico and Canada get a one month reprieve from Donald Trump’s 15% across-the-board tariffs and China is in talks for a similar reprieve. China’s response yesterday was also limited, which markets welcomed overnight.

In our bonus deep dive interview, ANZ’s Economist Henry Russell says ANZ’s Business Outlook survey indicates New Zealand’s economy turned a corner at the end of 2024. 

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Mexico secures a one-month reprieve from tariffs by agreeing to send troops to the US border. All eyes are now on a call this morning between President Trump and Canadian PM Trudeau; Gold and the US dollar rise amid the see-sawing uncertainty.

In our bonus deep dive interview, ANZ’s Head of Asia Research Khoon Goh talks about how Trump’s tariffs are likely to drive the yuan and other Asian currencies around, with tomorrow’s fix of the Chinese currency by the People’s Bank of China being a key moment. 

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Markets will open this morning for the first time after Donald Trump unleashed 25% tariffs across the board on imports from Canada and Mexico on Sunday. Stocks, bond yields and non-US currencies are expected to slide as investors seek safe havens.

In our bonus deep dive interview, ANZ’s Head of G3 Economics Brian Martin analyses the detail of Trump’s historic actions and the implications for global trade, output and inflation. 

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Markets are coping this morning with the world’s two biggest central banks taking interest rates in different directions, with the Fed holding yesterday and in no hurry to cut again, while the ECB cut overnight with more to come.

In our bonus deep dive interview, ANZ Senior Economist Catherine Birch digs into the detail behind Australia’s falling inflation rate and why ANZ Research is expecting a rate cut in February.

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The Reserve Bank of Australia looks well placed to be able to cut in February as Australian inflation comes in below market expectations. The US Federal Open Markets Committee is about to announce its first rate decision of the year, while the European Central Bank is on track to cut rates tonight.

In our bonus deep dive interview, ANZ FX Analyst Felix Ryan analyses market views and positioning for major currencies through 2025.

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US stocks stabilised after yesterday’s tech-rout. Attention now turns to tomorrow’s FOMC decision, which could see US interest rates on hold; Meanwhile, Australia’s Q4 inflation today is expected to give the RBA a green light to cut rates in February.

In our bonus deep dive interview, ANZ Economist Arindam Chakraborty says the new Special Economic Zone between Singapore and its neighbouring Malaysian state will present opportunities for both economies.

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US tech stocks slump on fear AI firms may be overvalued. That’s because a Chinese AI firm looks to have caught up, at a fraction of the cost. Also, the Bank of Japan hikes, while the Monetary Authority of Singapore eases.

In our bonus deep dive interview, ANZ’s Head of FX Research Mahjabeen Zaman has reviewed how well currency markets coped with Donald Trump’s first week as US President.

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The Bank of Japan is set to hike rates today, while Singapore looks set to ease. Political turmoil suppresses Korean growth, and inflows of migrants into New Zealand fall again.

In our bonus deep dive interview, ANZ Economist Krystal Tan analyses Bank Indonesia’s shift away from being concerned about a weak currency, leading to last week’s surprise rate cut.

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President Trump indicates a 10% tariff could be placed on China from 1 February; New Zealand’s domestic inflation slows more than expected; and Malaysia holds rates amid strong growth.

In our bonus deep dive interview, ANZ Economist Henry Russell reviews the state of New Zealand’s housing market, and what to expect over 2025.

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