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Good morning. The dollar is outperforming all of its major counterparts as the aftermath of yesterday’s more hawkish-than-expected Federal Reserve minutes puts upward pressure on yields and weakens demand for speculative asset classes. Ten-year Treasury yields are inching higher, equity futures are setting up for modest losses ahead of the North American open, and the euro, pound, and Mexican peso...
• Positive trends. A run of better than anticipated US data supported the USD. AUD drifted lower. NZD underperforms after yesterday’s RBNZ meeting.• Macro news. RBNZ points to rate hikes later this year. But markets already factoring that in. Australian jobs report in focus today. Will unemployment lift?
Global Trends
It was a positive night for US markets with equities (S&P500 +0.6%),...
Investors are bargain-hunting across the financial markets this morning, scooping up discounted assets after a multi-week selloff. Futures on North American equity markets are pointing to gains after the open, Treasury yields are inching higher, and economically-sensitive currencies are outperforming their safe-haven brethren amid a broader improvement in risk appetite.
The Canadian dollar remains...
After delivering an aggressive series of interest rate cuts over the past ~18-months in a bid to revive NZ’s economic fortunes, it wasn’t a surprise to see the Reserve Bank of NZ hold the Official Cash Rate steady at 2.25% today. Rather, the focus was on the RBNZ’s updated thinking about the outlook, especially as this was also new Governor Breman’s first meeting in charge.
The RBNZ provided a balanced...
• Choppy markets. Intra-session swings overnight. Positive steps between US/Iran help sentiment. AUD & NZD tick a bit higher in quiet trading.• Macro events. RBNZ today. No change in rates expected. New forecasts released. AU wages out today ahead of the monthly jobs report tomorrow.
Global Trends
Markets were choppy overnight with intra-session swings translating to only limited net changes....
Good morning. Risk aversion is dominating markets as trading resumes after yesterday’s North American holiday. The dollar and safe-haven yen are extending their gains, two-year Treasury yields are sliding toward three-year lows, and equity futures are pointing to a weaker open as investors brace for a continuation of last week’s rotation away from AI-exposed businesses. Oil prices are slightly higher...