5 in 5 with ANZ

Markets relax after the Fed cut rates, seeing two more cuts next year. Australia’s unemployment rate holds, but a drop in jobs suggests softness. And New Zealand growth expectations get a boost. In our Deep-Dive interview, ANZ Head of FX Research Mahjabeen Zaman previews some of the more interesting drivers of FX markets in 2026. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

The S&P 500 was flat ahead of the Fed’s expected cut this morning, which was being announced as the podcast was going to air. Australia is set to have seen jobs growth in November, and Chinese inflation rises. In our Deep-Dive interview, ANZ Commodity Strategist Soni Kumari looks at what’s behind a recent spike in the silver price. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

US job openings rise, supporting stocks ahead of the Fed’s rate decision tomorrow. And the Reserve Bank of Australia holds a little less hawkishly than expected, but rate cuts appear to be off the table from here. In our Deep-Dive interview, ANZ’s Chief Economist for Greater China Raymond Yeung looks at the outlook for prices and policy responses in China over 2026. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

The Reserve Bank of Australia is expected to hold its cash rate at 3.6% later this afternoon. The Aussie dollar has rallied in anticipation of a rate hike next year. And China’s trade surplus hits US$1 trillion. In our Deep-Dive interview, ANZ’s Head of FX Research Mahjabeen Zaman analyses the immediate outlook for the US dollar ahead of the Fed’s expected cut this week. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

Benign US inflation data sets the scene for a Fed rate cut this week. China’s exports are growing solidly. Japanese consumers spend less, but the Bank of Japan is still expected to hike. And the Reserve Bank of India cuts rates, as expected. In our Deep-Dive interview, ANZ Group Chief Economist Richard Yetsenga explains why the Fed is still cutting, while the next moves by Reserve Banks in Australia and New Zealand (RBA, RBNZ) are expected to be hikes. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/