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Last week was quieter than normal on the economic data side. The main focus remained Yields and the US Dollar. The Dollar was slightly lower on the week with the DXY down…

Last week we had a slew of data from the US. We saw the CPI data print lower than expected which although was only a slight miss the market took a large reaction to. The market is no longer pricing in any further rate rises in the US and cuts are now more expected in 2024.

Last week we saw a continued pattern of the previous week. Risk assets pushed higher with yields moving lower. The Dollar reversed some of the previous week losses. The FED hawkish statement supported the greenback and the DXY closed the week 0.7% better just below 106.

Last week despite the overshadow of the continuing war in Israel the market mood was lifted as Central Banks pushed the pause button and inflation continued to fall.

Last week we continued to see the familiar patterns of risk aversion. Rising tensions in the middle east weighed heavy on the markets and the fear of further escalation put the markets in a cautious mood.

Last week yields continued to be the center of attention as they broke out and made new higher highs. This continued rise will have a negative effect on risk especially as we move into central bank decision times.

Last week we continued to see yields as the main driver for the markets. We had US CPI which was higher than expected but although yields failed to push higher, they still remain at elevated levels. Risk off continued as the sad events in Israel and the Gaza strip brought uncertainty to the markets as fear about escalation increase.