Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
Chief Macro Strategist
Summary: Today saw a further shift from JPY strength to JPY weakness, once again showing that the yen can only thrive when the pressure on risk sentiment is particularly intense. Elsewhere, the AUD is in the dumps as traders price in a June RBA cut and its commodity dollar counterpart CAD is riding high.