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Bloodied Australian dollar limps higher

By David Llewellyn-SmithMarket OverviewFeb 28, 2023 10:58

au.investing.com/analysis/bloodied-australian-dollar-limps-higher-200551530

Bloodied Australian dollar limps higher

By David Llewellyn-Smith | Feb 28, 2023 10:58

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EEM

+0.67%

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Copper

+1.30%

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LCO

+0.96%

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ESH25

-0.80%

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RIO

+2.00%

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US2YT=X

-0.40%

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HYG

-0.04%

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USDIDX

-0.55%

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DXY retraced some last night as markets wonder if enough new tightening has been done:

DXY

Oil is stuck in a nasty rising wedge:

BRENT

Base metals relief rallied:

COPPER

Miners (NYSE:RIO) barely raised an eyebrow:

RIO

EM stocks (NYSE:EEM) stopped falling at least:

EEM

Junk (NYSE:HYG) did better:

HYG

As yields eased:

YIELDS

And stocks firmed:

SPX

US durable goods came in soft and the Dallas Fed contracted.

At issue for the market is whether or not the US January data pop is real or seasonal, both in the form of warm weather and BEA numberwang. Both GDPNow and InflationNow have turned very strong:

GDPNOW

INFLATION

I can’t see further big moves in forex either way before we find out what is real and what is imagined.

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1D1W1M6M1Y5YMax

	S&P/ASX 200	8,322.80	-96.40	-1.15%
	ASX 200 Futures	8,291.5	-59.0	-0.71%
	ASX All Ordinaries	8,601.70	-97.40	-1.12%
	US 500	6,092.2	-51.9	-0.84%
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	China A50 Futures	13,346.0	+20.0	+0.15%
	Dollar Index	106.505	-0.558	-0.52%

	Crude Oil WTI	72.79	+0.69	+0.96%
	Natural Gas	4.066	-0.214	-5.00%
	Gold	2,960.79	+24.69	+0.84%
	Silver	33.490	+0.447	+1.35%
	Copper	4.6217	+0.0592	+1.30%
	US Sugar #11	21.02	+0.33	+1.59%
	US Coffee C	394.83	-17.07	-4.14%

	Australia 10Y	4.569	+0.026	+0.57%
	Australia 5Y	4.089	+0.018	+0.44%
	New Zealand 10Y	4.670	-0.023	-0.43%
	U.S. 10Y	4.499	-0.036	-0.79%
	Japan 10Y	1.442	+0.003	+0.21%
	China 10Y	1.698	+0.005	+0.30%
	Singapore 10Y	2.873	-0.019	-0.69%

	CSL	258.89	-5.96	-2.25%
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Central Bank Rates

	Central Banks		Interest Rates	Next Meeting
		RBA	4.10%	Apr 01, 2025
		BOE	4.50%	Mar 20, 2025
		ECB	2.90%	Mar 06, 2025
		FED	4.50%	Mar 19, 2025
		SNB	0.50%	Mar 20, 2025
		BOC	3.00%	Mar 12, 2025
		RBNZ	3.75%	Apr 09, 2025
		BOJ	0.50%	Mar 19, 2025
		CBR	21.00%	Mar 21, 2025
		RBI	6.25%	Mar 10, 2025
		PBOC	3.10%
		BCB	13.25%	Mar 19, 2025