Inventories fell 0.9% in September, showing there is massive room for businesses to replenish their shelves. So far, it has remained potential, and that is holding back GDP growth. When the inventory cycle turns, it will unleash some good growth, but we keep waiting for the turn to come.
US equities have turned positive on the day and the risk trade is coming back into play.
AUD/USD is a big beneficiary of that return to risk, triggering stops above the 0.9180 level and trading now at 0.9189. A hawkish central bank has that pair firmly underpinned.