Macro View: US Still Leads, France in the Crosshairs, AUD Buoyed
Markets are digesting a mix of US resilience, European risk, and Asia-Pacific nuance. Inflation expectations remain anchored while labor softens in a way that keeps hopes of a soft landing alive. At the same time, rating agencies are circling France, and Australia sits in a holding pattern on rates even as external drivers lift the AUD.
Below, I break down:
Why US exceptionalism continues to set the tone for global risk assets
What’s at stake with Fitch’s pending review of France’s credit rating
How China’s stabilization may be feeding into AUD strength despite a quiet RBA
