Resilient Growth Dominates Global Macro Transmission Chain

The global macro transmission chain shifted towards a combination of softer inflation and resilient growth last week. Canadian and UK inflation continued to moderate, while labor-market data remained constructive across Australia.

The US dollar retained relative support through stronger growth expectations despite easing inflation pressures. Gold remained constrained as improving labor-market conditions sustained confidence in the broader macro backdrop, while oil and copper benefited from resilient cyclical momentum.

The European Central Bank maintained its policy settings, allowing inflation and growth dynamics to remain the dominant drivers of cross-asset pricing.