The Aussie and Kiwi dollars are opening at four-month highs against the US dollar and the gold price is at a record-high US$2,091/oz after US Treasury yields fell again on a growing conviction the Fed has engineered a soft US landing.
In our bonus deep-dive interview, ANZ Australia Senior Economist Adelaide Timbrell details the pressures in Australia’s A$100 billion infrastructure investment pipeline.
5 things to know
The A$ is at 66.73 USc and the NZ$ is at 62.09 USc as of 5am Sydney/Melbourne time. The US 2-year Treasury yield fell to a six-month low on Saturday morning of 4.55%, while the 10-year hit 4.20%. Gold rose 1.7% to a record-high US$2,091.70/oz.
ANZ Group Chief Economist Richard Yetsenga says markets are in a celebratory mode about rates having peaked globally.
Australian retail sales during the key Black Friday and Cyber Monday period were solid, says ANZ Australia Economist Maddy Dunk.
Maddy says retailers are increasingly stretching the sales forward into mid-November as the Thanksgiving-based events become bigger than Boxing Day.
Oil fell another 2% over the weekend as certainty grew producers could not agree on cuts. ANZ Senior Commodities Strategist Daniel Hynes looks at what didn’t come out of last week’s OPEC+ meetings.
Bernard
PS: Look out tomorrow for a preview of the RBA’s last rates decision for 2023.
