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As markets had overwhelmingly anticipated, the Bank of Canada left its policy settings on hold this morning, while pointing to signs of renewed economic growth and gradually easing inflation against a backdrop of persistent risks from the Middle East conflict and US trade tensions.
Officials led by Governor Tiff Macklem maintained the policy rate at 2.25 percent for a sixth consecutive meeting after...
Good morning. Oil prices are extending their gains as the conflict in the Middle East intensifies, and the dollar remains on the defensive after yesterday’s June inflation report came in well below forecasts. President Trump reimposed a naval blockade on all Iranian ports yesterday, and Tehran threatened to close “all other export corridors that benefit the US and its allies”—language widely...
• Market rebound. Pres. Trump backtracks on Strait of Hormuz levy. US CPI softer. Odds of a July Fed hike pared back. USD weaker. AUD & NZD rise.• Data pulse. US CPI underwhelms, but Fed Chair Warsh not swayed. US producer prices out tonight. China GDP due today. BoC expected to hold.
Global Trends
The modest market meltdown at the start of the week unwound overnight with the mood more positive....
Underlying consumer price growth turned negative in the United States last month, smashing the case for an imminent rate hike from the Federal Reserve, and adding to the downward pressure building against the dollar. According to data published by the Bureau of Labor Statistics this morning, the core consumer price index—with highly-volatile food and energy prices excluded—fell -0.02% in month-over-month...
Good morning. Oil prices are up nearly 15% from Friday’s close and the dollar is retreating after an escalation between Washington and Tehran led to a collapse in shipping through the Strait of Hormuz, again threatening global energy supplies. After a series of Iranian attacks on shipping and military skirmishes, President Trump yesterday reinstated a naval blockade on Iran, declaring the United...
• Risk wobbles. Renewed US/Iran tensions dampen risk sentiment. Oil prices jump, US equities dip, & USD firmer. AUD slips back.• US data flow. Fed’s Waller ‘hawkish’. Markets pricing in a Q3 Fed rate hike. US CPI out tonight. New US Fed Chair Warsh also speaks. USD vol. likely.
Global Trends
A few renewed geopolitical and macro related wobbles across markets at the start of...