Oil falls 5% as tensions ease in the Middle East, and gold falls again, although by much less than in previous days. Silver bounces. The Reserve Bank of Australia (RBA) is expected to hike today. And Australian job ads grow the most in four years.
In our Deep-Dive interview, ANZ Head of Australian Economics Adam Boyton sees the RBA hiking today, but only as an insurance cut
5 things to know in 5 minutes:
Oil prices fell five percent overnight as fears of a new conflict in the Middle East receded. Iran says it will consider a new round of talks over its nuclear capabilities. ANZ’s Senior Commodities Strategist Daniel Hynes says those reduced tensions have softened concerns about oil production.
Gold fell again, but led by another event in geopolitics - the nomination of Kevin Warsh as the next Fed Chair - says ANZ Commodities Strategist Soni Kumari.
However, Soni says the underlying fundamentals remain strong for precious metals, especially gold.
The ANZ Indeed job ads series found a 4.4% rise in January, which was the largest rise in four years and the first monthly increase since June last year. It also unwinds some of the falls seen in the second half of 2025, says ANZ Economist Aaron Luk.
Aaron says one month’s data on job ads isn’t enough to confirm a major shift in the labour market, but it will be noticed by the RBA.
Cheers,
Bernard.
Catch you tomorrow with all the reaction from today’s RBA rate decision.
