Off the Charts with Wayne McDonell

Quarterly business managers’ survey results, collected and released by the Reserve Bank of New Zealand, give a rough aggregate overview of where New Zealand operators expect inflation rates to land within the next two years. The inflation expectations measure can sometimes be volatile and experience brief deviations from the actual trajectory of inflation.

AUD/USD is seen consolidating below mid-0.6500s, or a one-week top, during the Asian session. Hopes for the end of a prolonged US government shutdown boost investors' confidence, which, along with diminishing odds of more RBA rate cuts, acts as a tailwind for the Aussie amid subdued US Dollar demand. 

Gold price holds positive ground near $4,120 during the early Asian session on Tuesday. The precious metal edges higher after reaching a two-week high in the previous session, amid prospects for rate cuts by the US Federal Reserve in December and a softer US Dollar. The US ADP Employment Change Weekly will be in the spotlight later on Tuesday.

Coinbase announced that it will roll out a new platform for crypto offerings. The platform will enable individual investors to purchase digital tokens before they are listed on the exchange. Following its launch, Layer-1 network Monad will offer its token for sale on the platform on November 17.

If you’ve been following financial media over the past few weeks, you’ve probably seen the debate about whether the current AI-fuelled rally is a bubble. I’ve said many times that I believe it is—but the bubble question is almost secondary to a more immediate issue: what AI is about to do to jobs.

The US Dollar (USD) traded without clear direction on Monday, as hopes grew for a potential deal to end the 40-day federal government shutdown in the coming days.