• Positive tone. Sentiment improved overnight. US equities rebounded. Bond yields rose. Oil fell. AUD ticked up thanks to some relative outperformance.• Data flow. Limited releases today. Next week things pick up with China GDP (Mon), AU jobs (Thurs), PMIs (Fri), BoJ (Fri), & US PCE (Fri) due. Global Trends Geopolitical related headlines generated a few minor bursts of volatility across a couple...

Good morning. Currency markets have slipped back into extremely tight ranges as geopolitical fears recede and incoming data point to “Goldilocks” conditions across much of the advanced world. Realised volatility across asset classes remains exceptionally low, and implied volatility measures show investors are unworried about shocks: the VIX has fallen well below traditional fear thresholds, the MOVE*...

Good morning. After a series of early-week distractions, currency market drivers are shifting back toward economic fundamentals today, with mixed US data keeping yields within tight ranges and the Japanese yen becoming a key focal point ahead of a potential snap election. Equity futures are setting up for a negative open after modest losses in yesterday’s session, Treasury yields are holding firm across...

Consumer price growth accelerated by slightly less than expected in the United States last month, helping lower short-term yields and putting downward pressure on 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—rose 0.2 percent in December from the prior month, and was up 2.6 percent...