fbpx

Daily Market Commentary 7th December 2023

Share This Post

The Bank of Canada left rates unchanged and follows Central Banks around the world, as bond yields and inflation ease. The ADP Jobs report in the US, was a further signal of easing inflationary pressures, when private sector jobs added fewer than expected. Inflation is headed in the right direction and interest rates are following, which allows Central Banks to consider rate cuts and improved market sentiment. The US Dollar was steady, with the EUR trading just below 1.0800, while the GBP trades 1.2580.

Australian GDP growth beat expectations, coming in at the headline rate of 2%, which is solely a function of surging mass immigration. The Japanese Tankan report was stronger than expected,  achieving for the second month in a row, strong manufacturers sentiment. Equity markets remain steady, and the softer reserve has allowed the commodity currencies to stabilise. The AUD trades around 0.6550, impacted little by the stronger than expected GDP data, while the NZD continues to hover around 0.6150. Growth and employment remain the market focus.

Collinson & Co Contact