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Daily Alert: One more time with feeling

  • The recovery in risk sentiment continued and broadened overnight, as markets continue to unwind some of the Omicron negativity of last week.
  • This morning’s GDT dairy auction was another good ‘un, albeit with key whole-milk powder prices rising just 0.6% this time, underperforming the likes of butter (2.9%), cheese (+1.0%), and skim-milk powder (+1.3%).
  • There’s been plenty of RBNZ chatter to absorb over the 24 hours, but most of it has been in keeping with the previouslyespoused views and hence hasn’t moved markets.

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