Author : Rowan Murphy
Today’s highlight locally will be unemployment numbers, internationally however all eyes will be focussed on the impeachment proceedings in the US, however immaterial the follow on will be.
The German IFO print overnight was supportive of the notion of a gradually improving world economic view, printing its largest monthly increase in almost 18 months and higher than markets had forecast. Overnight the Pound remained under pressure as Brexit ‘developments’ continued to undermine the ‘safety’ that markets has assumed BoJo offered.
In the US the big news is whether the Democrats have the numbers to make Trump the third US President to be impeached by the House. This is however mostly a side show as even if they vote to impeach, it is highly doubtful that the Republican stacked Senate would support the motion. The Senate vote (Jan) is required to remove a president, although until it is officially voted down we can still dream can’t we?
Lastly and most important locally today is the unemployment numbers to be released at 11:30. Markets are predicting that there will be ~+14.5k jobs created, as opposed to the -19k last print. There are growing concerns that last month’s print is the start of a longer term trend, ie unemployment higher from here, which would add pressure to an already flagging local economy and more pressure on the RBA to cut at their next meeting (Feb).
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