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Good morning. Foreign exchange markets are enjoying a quiet, range-bound session, with most currencies little changed against the dollar amid a lack of first-tier economic data and a paucity of geopolitical catalysts. Treasury yields are inching lower, equity futures are pointing to a modest drop in the Nasdaq at the open, and all of the major currency pairs are less than 0.1% off yesterday’s close.
Oil...
• US markets. US stocks rose with the tech sector leading the way. USD Index treads water. The AUD ticked up thanks in part to strength on the crosses.• Data flow. Limited data releases in Australia & the US. RBNZ meets tomorrow. Will the RBNZ deliver its first interest rate hike of this cycle?
Global Trends
It has been a relatively positive start to the new week in US markets. US equities...
Good morning. The dollar is holding firm even after Thursday’s disappointing non-farm payrolls report triggered a pullback in Federal Reserve tightening expectations. American employers added just 57,000 workers in June, far short of the 115,000 forecast, and revisions lopped a combined 74,000 from the previous two months. The unemployment rate fell to 4.2%, but not because of a pickup in hiring—labour-force...
• US jobs. Non-farm payrolls weaker than expected. Some noise in the monthly report. US Fed rate hike pricing pushed back. USD softer. AUD a bit firmer.• JPY focus. Reports out of Japan indicate officials may move to a less predictable FX intervention strategy. Will they step in during the US holiday?
Global Trends
Ahead of the US’ Independence Day long weekend markets were focused on the latest...
The US job creation engine slowed in June, weighing on expectations for a renewed tightening cycle from the Federal Reserve in the second half of this year. According to the Bureau of Labor Statistics, just 57,000 jobs were added in the month—representing an undershoot relative to the 110,000 median consensus forecast—while the previous two months were revised down by a total 74,000 positions, lowering...
• Risk wobbles. US/European equities slipped back overnight. USD firmer. NZD treading water while AUD underperforms. AUD still tracking sub ~$0.69.• Data trends. On net, more solid US data released the past few days. Monthly US jobs report released tonight. Fed rate hike pricing could shift again.
Global Trends
After a positive end to Q2 there were a few modest wobbles across markets overnight....