Wednesday 21st June 2023

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The Aussie dollar has dipped to 67.8 us cents this morning. NAB’s Tapas Strickland says its in part because of the China slowdown story, but also the RBA minutes which were more dovish than expected? Does this mean a pause is more likely, or will recent data suggest otherwise? The RBA’s Michelle Bullock gave a speech yesterday indicating the importance of seeing unemployment getting back up to a non-inflationary level, suggesting more emphasis will be placed on jobs data. The UK gets its latest CPI data today ahead of the BoE tomorrow. An upside surprise could mean a 50bp rise by the UK’s central bank. And Jerome POweell spends a day in front of the US House Financial Services Panel later on.

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