US rest day can’t stop reflation

Tuesday 16th February 2021America has been off work for Presidents Day, but that hasn’t stopped markets optimistically looking to a world where COVID-19 isn’t centre stage. The reflation trade continues unabated. Overnight we saw the US dollar drift lower, the Aussie climbing and the pound showing strength as the vaccine rollout continues at pace. NAB’s Ray Attrill says the weakness in the Yen was also the result of good news, a higher than anticipated Q4 GDP result for Japan. One downside is the continued rise in oil, which has been accentuated by increased demand from blisteringly cold weather in Texas. Today, Australia’s weekly wages and payrolls data will be the most anticipated numbers locally.

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