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In the last few days, RBA hawkish fears have eased, even though the central bank has maintained its rhetoric.
Market expectation of another hike in May has pulled back to roughly 50/50.
The key day was Tuesday, which was the day of the soft flash PMI and a 60-year low in consumer sentiment.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.