Daily Market Commentary 15th November 2023

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Inflation continues to tumble in the USA, green-lighting equites and bonds, and improving the chances of ‘peak interest rates’. US share markets surged with confidence overnight, as markets bet ‘peak inflation’ has been reached. The US 10-year Bond Yield plummeted, and the US also fell precipitously. GDP growth numbers in the EU reflected the recessionary conditions that exist there, but to the upside is, the recession is killing inflation stone dead. The US Dollar hit reverse gear, with the EUR charging towards 1.0900, while the GBP surged back towards 1.2500.

The steep retreat of the reserve triggered rallies in the commodity currencies, with the AUD looking to hit 0.6500, while the NZD heads back towards 0.6000. Markets are full of confidence, following the positive US inflation number, and also look forward to positive developments in the Geo-Political space. Biden is now scheduled to meet Chinese President Xi at the APEC conference, with high hopes of cooling global tensions.

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