The Match Out: ASX loses steam as reporting starts to wind down
The ASX lost some steam today and as we penned this morning, we believe the market is starting to feel tired after its 25% advance from the April lows.
As most probably know by now June’s inflation data was extremely market-friendly coming in at +5.4%, well below the +5.6% median forecast of analysts, but importantly, the quarter-on-quarter run rate was 0.8% (i.e. annualised that’s 3.2%). As would be expected bond yields and the $A fell while the ASX200 rallied ~100 points following the news. The markets are now starting to agree with us, the odds of a hike in July have crashed while there’s an increasing possibility that Official Rates have peaked at 4.1%.
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