- No significant highlights were detected from the Australian economy on Friday.
- On the US side, Consumer confidence deteriorated with the University of Michigan's Consumer Sentiment Index decreasing to 65.6 from 69.1 in May. This reading came in below market expectations of 72.
- The Current Conditions Index declined to 62.5 from 69.6, and the Consumer Expectations Index fell to 67.6 from 68.8.
- The survey details revealed that the one-year inflation expectation remained stable at 3.3%, while the five-year inflation outlook rose to 3.1% from 3%.
- Earlier in the week, stronger-than-expected Employment data for May bolstered speculation that the Reserve Bank of Australia (RBA) would maintain its Official Cash Rate at its current levels for the year.
- In addition, the Australian Unemployment Rate reduced to 4.0% as projected from 4.1% in April.
- On the Fed’s side, market hopes for rate cuts have persistently clashed with the Fed’s own rate cut expectations through 2024, and according to the CME’s FedWatch Tool, rate markets maintain over 60% odds of at least a 25 basis-point rate trim on September 18.
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