Daily Market Commentary 20th February 2024

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US markets were closed for the ‘Presidents Holiday’ long weekend, so trading was very quiet across the globe. Asian markets reopened on a positive note. following the conclusion of lunar New Year celebrations, while European markets remain contained. The focus last week remained on the inflationary pressures rising in Europe, while GDP data confirmed recessionary economic conditions. The positives from this is, that recession is the cure for inflation, but unfortunately a very painful one. The EUR traded 1.0770, while the GBP drifted back below 1.2600.

Commodity currencies consolidated recent gains, with the NZD building above 0.6100, while the AUD holds above 0.6500, ahead of today’s RBA minutes release. The RBA minutes are expected to reflect the contradictions of the last meeting.

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