In this episode of Macro Mondays, James Brodie, James Todd & Will Cunliffe unpack the most volatile macro crosscurrents in markets as U.S. equities push to fresh all-time highs and the dollar resumes its downtrend.

Key highlights include:

• U.S. consumer cracks widening

• Housing on the brink

• Fed doves emerge

• Inflation expectations collapse

• Employment weakness deepens

• Equities defy fundamentals

• Gold tests key support

• Dollar dives

• Hedge funds retreat: CTAs flip net short, and Andurand's flagship fund drops another 12.7%

• BOE turns dovish

• Tesla soars & Nvidia at new highs

Key data releases this week:

📅 Tuesday – US ISM manufacturing PMI, Fed Chair Powell speaks, JOLTS job openings, EZ PMIs & CPI

📅 Wednesday – Australian retail sales, US mortgage applications, ADP payrolls

📅 Thursday – US non-farm payrolls, ISM services PMI, jobless claims

📅 Friday – US holiday

This episode was recorded on Monday, the 30th of June, 2025 at 10.30AM BST.

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