US equity markets celebrated the end of the US Government shut-down, by selling off from record highs. ‘Buy the rumour, sell the fact’. There are still unsettling revaluations going on in the AI space, which is buffeting share markets, across the globe. UK GDP growth data was weaker than expected, while Industrial and Manufacturing Production both collapsed. The UK fiscal situation is under the spotlight, as the economy fails, especially focused on the impending UK budget. The US Dollar continues to weaken, with the EUR trading around 1.1650, while the GBP look to regain 1.3200.The softer reserve allowed commodity currencies to continue their recovery, with the NZD building above 0.5650, while the AUD looks to regain 0.6550. Australia employment was stronger than expected, with headline unemployment falling to 4.1%, from 4.3%. This was a much stronger labour market than expected and signs the economy is stabilising. Today’s trade will see a plethora of scheduled data releases across Europe and the US, but US data will be inhibited, due the record Government closure.
