The US dollar and Treasury yields fall as opinion polls pivot towards a narrow Kamala Harris victory. In Australia today, the RBA is expected to hold rates, but shift to a more neutral tone, and Australia’s jobs market shows more signs of strength.
In our bonus Deep Dive interview, ANZ Chief Economist for Greater China Raymond Yeung looks at how a Trump Presidency might affect trade in Asia, versus a Harris Presidency.
5 things to know:
Expectations for a Donald Trump election win in the US fell overnight, pulling down the US dollar and US Treasury yields. ANZ Head of FX Research Mahjabeen Zaman says traders are showing caution ahead of voting.
In Australia today, eyes are on the Reserve Bank of Australia’s rate decision. ANZ Head of Australian Economics Adam Boyton says the market expects a hold at 4.35%. He says the focus will be on the tone of the RBA’s commentary and whether that shifts down to a more neutral stance.
Adam is watching whether the RBA shifts its inflation, growth and employment forecasts.
Job ads in Australia are stabilising, despite a lack of rate cuts. Ads measured in the ANZ Indeed series have risen in the last two months by 2.6%, says ANZ Australia economist Maddy Dunk.
Maddy says job ads rose in retail and hospitality in the lead up to Christmas.
Cheers
Bernard
PS: Catch you tomorrow with what we know of US election results and analysis of the RBA’s rate decision.
