With Russia pulling out of the Black Sea grain agreement this is not expected to have a massive impact on US food prices and inflation.
We see a 25% chance the US will fall into recession over the next 12 months.
Australian Inflation cooled more than expected for quarter 2, 2023 easing pressures on the Bank of Australia to raise rates at the next policy meeting 1st August.
The ECB raised their cash rate to 3.75% from 3.5% this morning as expected, the central bank going ahead with further tightening to combat high inflation despite fears of a recession.
US advanced GDP 2.4% vs 1.8% expected.
The Japanese Yen (JPY) is the strongest performer over the week with the Euro (EUR) the worst performer.