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Treasury yields are climbing and the dollar is under pressure after Bloomberg reported that Chinese regulators have instructed the country’s commercial banks to cut their holdings of American government debt, noting threats posed by “concentration risks and market volatility”. According to the report, officials verbally advised financial institutions to reduce new purchases and scale down existing...
• Risk rebound. Strong recovery in US equities. USD lost ground. Backdrop pushed NZD & AUD higher. JPY still under pressure post weekend elections.• Data flow. RBA Deputy Gov speaks (Weds). US retail sales (Tues night), jobs report (Weds night), & CPI (Fri night) due. Several Fed members also speak.
Global Trends
There was a turnaround in market sentiment at the end of last week with cyclical...
After several sessions of violent, whiplash price action in precious metals, cryptocurrencies and high-beta technology stocks, investors are hesitantly stepping back in this morning, driving a mean-reversion process across asset classes. The US dollar—which enjoyed a brief, and increasingly-unusual bout of safe-haven support earlier in the week—is retreating against most of its major peers, while Treasury...
Good morning. Foreign exchange markets are caught between conflicting forces as precious metals extend their decline and a sell-off in technology stocks shows signs of exhaustion. Gold and silver prices are tumbling once again, North American equity futures are setting up for modest gains at the open, and the dollar is advancing against most of its major peers amid choppy trading conditions.
The...
• Push-pull. A few equity market wobbles overnight. USD a bit firmer. NZD underperforms. AUD retraces its RBA rate hike induced uptick.• Macro events. ECB & BoE expected to hold rates steady tonight. US JOLTS also due. US jobs report has been delayed until next week.
Global Trends
There were a few market wobbles overnight as various forces pushed and pulled on sentiment. US equities slipped...
Foreign exchange markets are looking somewhat rudderless this morning after a technology-led selloff hammered the biggest US stocks yesterday and dampened global risk appetite. The dollar is extending its gains in thin trading, Treasury yields are modestly lower, and equity futures are pointing to another downward lurch at the open. The latest US government shutdown has ended, but key data releases...