The US dollar is at new highs this morning, powered by another rise in US bond yields in the wake of the Fed’s decision to keep rates high for longer.
In our bonus deep-dive interview, ANZ India Economist Dhiraj Nim explains why India’s inclusion in a JP Morgan bond index is so important.
5 things to know
The US$ index hit a 10-month high this morning on the Fed’s ‘higher-for-longer’ view. The yen neared 149. The US 10 year yield rose another nine basis points to a fresh 160-year high of 4.53%. The 2 year was flat at 5.12%.
China’s property stock index in Hong Kong fell 4.3% overnight on concerns about developers after a large one had to pull a bond offering.
ANZ NZ has raised its house price forecasts. Senior Economist Miles Workman now sees a risk a resurgent housing market may be a factor in a RBNZ rate hike as early as November 29.
Singapore’s core inflation rate fell to 3.4% in August, but it’s not enough for the Monetary Authority of Singapore to start easing, says ANZ’s Head of Asia Research Khoon Goh.
Look out for Australian inflation data tomorrow. Annual inflation is forecast to have been flat at 4.9% in August.
Cheers
Bernard
PS: Have a great day. Tomorrow we’ll take a closer look at how luxury goods sales are a useful indicator for GDP growth in Asia.
