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Markets:

  • Gold dish at $ 1,777
  • US 10-year yields up 1.4bp to 1.448%
  • S&P 500 futures up 16 points
  • Nikkei 225 + 2.4%
  • WTI crude oil up 74 cents to $ 70.23
  • AUD leading, JPY late

The RBA’s decision was the main event of the day, but there was other positive information and the overall tone continued to show some optimism about omicron.

The Aussie dollar climbed a dozen pips in the wake of the RBA as they placed emphasis on household spending and business investment above the omicron variant. The forecast continued to suggest no rate hikes until mid-2023, unlike market prices for a July hike, but how that plays out will depend on inflation and covid.

Other commodity currencies followed the AUD as oil prices rose.

Chinese trade data has shown an increase in imports and this could be a sign, with yesterday’s RRR decline, that China wants to open the taps to growth. Where this has not been reflected is in Chinese equities, which ended badly yesterday and are treading water today despite a positive start. We are talking about an LPR cut.

USD / JPY continued its rally and has now completely erased Friday’s decline with US yields now above Friday’s level.

There wasn’t much news on the omicron front, but cases in South Africa are no longer accelerating, although the positivity of the tests is sensational high. Everyone in the market is on the hunt for good news and we’ve seen how quickly the market can overtake the covid when the news starts to improve.


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