Daily Alert – Wednesday 26th June 2024: Inflation rises in Canada, Australia

Mark NugentDaily Alert, June 2024

Daily Alert – Wednesday 26th June 2024: Inflation rises in Canada, Australia

Good afternoon.

Both Canada and Australia have seen inflation move in the wrong direction. Canadian inflation rose to 2.9% from an expected 2.6% and a prior reading of 2.7%. In Australia, the reading was 4.0% versus an expectation of 3.8% and a prior 3.6%. That’s the third consecutive increase in as many months and markets now see a 40% chance of an interest rate hike. Both CAD and AUD rose on their respective announcements.

The poor old Yen continues to weaken and USDJPY is in the process of breaching current resistance. This, and EURUSD and GBPUSD are well worth having a look at later today. I go into more detail in the video.

I will be back on Friday, and we’ll have a look at US PCE, the Fed’s fav measure of inflation.

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