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Latest Market Notes
07 Feb 2025
Karl Schamotta, Chief Market Strategist
The US job creation engine slowed in January, but revisions to November and December numbers illustrated continued strength in labour markets, helping keep the Federal Reserve firmly sidelined. According to data just released by the Bureau of Labor Statistics, just 143,000 jobs were added in the month—undershooting the 175,000-position consensus forecast—but December’s headline print was revised higher...
06 Feb 2025
Peter Dragicevich, Currency Strategist, APAC
• Holding pattern. Modest moves in most markets overnight. JPY’s upswing extends. AUD range bound just above its 1-month average.• UK rates. BoE cut interest rates by 25bps. 2 members voted for a larger move. More easing expected over time. AUD/GBP supported overnight.• US jobs. US employment report in focus tonight. Signs the US labour market is cooling could revive US Fed rate cut bets &...
06 Feb 2025
Karl Schamotta, Chief Market Strategist
Financial markets are overcoming post-traumatic stress syndrome three days after Donald Trump started—and then temporarily paused—a potentially-catastrophic trade war with Canada and Mexico. Benchmark ten-year Treasury yields are inching lower and major equity bourses are headed for a stronger open after Treasury Secretary Scott Bessent called tariffs a “means to an end,” and said the new administration...
05 Feb 2025
Peter Dragicevich, Currency Strategist, APAC
• Market swings. US equities ticked up while bond yields fell. This weighed on the USD. AUD & NZD continue to recover lost ground.• Data flow. US ADP employment improved but the services ISM declined. Non-farm payrolls released on Friday night. BoE rate cut expected tonight.• Stronger JPY. Wages in Japan accelerated. More BoJ rate hikes anticipated. This is JPY supportive. We see more AUD/JPY downside...
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