Daily Alert – Tuesday 7th March 2023: China warns of deteriorating US relations

Mark NugentDaily Alert, March 2023

Daily Alert – Tuesday 7th March 2023: China warns of deteriorating US relations

Good morning.

It’s quiet as we approach Fed Chair Powell’s testimony before Congress this afternnon and tomorrow.

China’s foreign minister warns of spiralling US relations.

In Australia, Trade Balance missed to the downside. The Reserve Bank of Australia increased rates by 25 basis-points as expected to 3.6%. The statement said that “the CPI indicator hints at the inflation peak”. This, plus concerns over China growth and deteriorating China-US relations, was bearish for the AUD.

Looking forward, of course Powell is the highlight. The markets will analyse every word for meaning, including that which is not there!

I’ll be back tomorrow.

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