Markets have quickly gone from the inflation narrative and interest rate rises, to the speculation of rate cuts and when they will begin. The precipitous fall in inflation across Europe and the US economy, has led to this speculation, boosting market confidence and
fuelling the rally in bonds and equities. Markets can expect a relatively quiet week in the US, as it is a shortened trading week, due to Thanksgiving Holidays. The US Dollar remained soft, with the EUR trading up to 1.0850, while the GBP regained 1.2500.
The Japanese equity market hit a 33 year high, leading the way for Western share markets. The weaker reserve allowed some recovery in the commodity currencies, although demand remains a challenge. The AUD pushed back up to 0.6550, while the NZD regained the BIG figure of 0.6000, once again. Oil prices have regained some lost ground, following recent sharp losses, ahead of expected cuts to supply from OPEC+, when the meet this coming weekend.