Sunset Strip | Aussie market was aimless with US despite Jobless data sending the market on a rate cut call

Sunset Strip | Aussie market was aimless with US despite Jobless data sending the market on a rate cut call. The market was expecting 6.1% while we have been saying that there is an unemployment tidal wave coming in the next 12mth. We expect the rate to hit 6.5% at some point in the next 12mths and today's move was a bit too quick even for our pessimistic view. We do not expect RBA to drop cash rate in the next month. We need to see substantial decline in the economy over a few months before they react. ECB does not look like they are going to get the printer out, so we might not see much sentiment improvements tonight. Another worrying sign to keep an eye on is the amount of units being built around the main cities...supply is going to fly past demand in the next few years. (VIEW LINK)