Services and Composite PMI data across Europe remains in contraction mode, but does show some signs of life, while UK Services and Composite moved back into positive territory. European and US Bond Yields continue to tumble, with market expectations for cuts in 2024, while the Fed is expected to hold rates, in their last meeting of the year. The Jots Job report in the USA was much lower than expected, with only 8,733,000 job openings, against an expectation of 9,300,000. The US labour market is heading in the right direction for the Fed, easing pressure on wages and inflation. The US Dollar gained further ground, with the EUR slipping below 1.0800, while the GBP dipped under 1.2600.
The stronger reserve pushed the AUD back to 0.6550, while the NZD looks set to fall to 0.6100. Australian and Japanese PMI data remains weak, and markets will watch the Australian GDP number release today and the Japanese Tankan report. The RBA left rates unchanged, citing a moderation in inflation, but watch this space, as decision-making appears changeable.
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