Markets spent the first week of February grappling with an unusually dense set of cross-currents, an Australian rate hike, a crisis of confidence in big-tech capital spending, volatile commodity prices, and a US data picture clouded by the partial government shutdown. But beneath the headline volatility, the more interesting story may be what's happening under the surface: a rotation trade gaining momentum, unstable correlations, and a growing divergence between Australian and global monetary policy that is robbing Aussie diversified portfolios of their traditional currency cushion.

Get access to the graphs: www.investsense.com.au/industry-articles/markets-navigate-rba-hike-ai-capex-jitters-and-a-growing-rotation-trade 

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