Australian Inflation Lower than Expected, Aussie Sinks; Canadian Inflation Falls to 3.4% as Expected; Tech Stocks Slide on Fears of US Export Curbs; Kanda Tweet
Australian inflation data released earlier showed inflation falling more quickly than expected, reaching an annualized rate of 5.6% while 6.1% was expected. This makes rate hikes by the RBA less likely in the near future, and triggered a sharp selloff in the Australian DollarCanadian inflation data released yesterday showed annualized inflation falling as low as 3.4%, which was the consensus forecast.
This has again drawn a response from Japanese authorities who are beginning to worry about the long-term impact of another strong weakening by the Yen, with Japan’s main currency diplomat Kanda tweeting that there will be “an appropriate response to excessive FX moves”. Nevertheless, trend traders will remain interested in being short of the Japanese Yen, which has also reached multi-year lows recently against other currencies such as the Euro and the British Pound.
Global stock markets were mixed yesterday, with some fears for tech stocks in the USA as the US mulls imposing restrictions on exports of AI, . Nevertheless, major US stock indices remain technically within strong bullish trends. If this level continues to hold, a major bearish reversal will become more likely.
There will be a panel discussion today at the ECB forum on central banking in Sintra, Italy, at which several central bank heads will be publicly speaking.
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