JPM Australian Dollar Liquidity C (acc.) - J.P. Morgan Asset Management
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JPMorgan Liquidity Funds - Australian Dollar Liquidity Fund
(JAUDLCA LX)

Overview

Objective

Bank Bill Swap (BBSW) rates ended the month lower and the curve flattened, with the one-month yielding 1.62% (down 3 basis points (bps)), the six-month yielding 2.01% (down 5bps) and the 12-month yielding 2.03% (down 7bps). The Australian dollar was the best-performing major in the month, up 5.5% vs. the US dollar to 0.7586. Meanwhile, the probability of rate hikes over the coming year diminished from 56% at the start of the month to 10% by month end. The overall trend of economic data remained solid. Home prices and building approvals were robust, up 11% year on year (y/y) and 7% month on month (m/m), respectively. Exports jumped 8.4% m/m, pushing the annual rate to a two-year high, on stronger demand for iron ore and coal. Retail sales slipped 3.3% y/y, the slowest pace in three months, as consumer confidence remained muted. An increase in the participation rate was the key reason for the unemployment rate increasing to 5.8% despite a third consecutive month of positive jobs creation, totalling 13.5k jobs. Finally, quarterly inflation remained muted at 0.5% quarter on quarter. Despite headline inflation hitting a 12-month high, core inflation slipped to 1.6% y/y.

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Disclaimer

7 Country exposure will include the counterparty domicile for repurchase agreements.