Friday 28th July 2023

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Currency markets were particularly choppy overnight. NAB’s David de Garis says the moves were driven by the stronger than expected GDP read from the USD, which saw the US dollar much higher, pushing other major currencies – except the Yen – much lower. There was less of a response to the ECB, because there were no surprises. Rates were lifted by 25 basis points and Christine Lagarde spoke again about data dependency. Hard to get excited about that. But equities have taken a solid hit in the US. We can expect more volatility as inflation and GDP data is released for Europe today and early next week, plus rebalancing for the end of Q2. As Dave puts it on today’s podcast, expect things to be whippy!

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