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Good morning. The dollar is steadying and measures of implied volatility are coming down after a week of turmoil that saw global equity markets tumble and oil prices surge past $90 a barrel for the first time in more than a month. After American forces launched a ninth consecutive night of strikes and Tehran carried out reprisals against ships and targets across the region, Iranian authorities said...
Good morning. Risk sentiment is deteriorating across financial markets amid worsening geopolitical turmoil in the Middle East and a widening rout in technology-sector shares.
Another flareup in the Middle East conflict is keeping oil prices elevated and reigniting inflation concerns. The United States launched a sixth consecutive day of strikes against Iranian targets last night, with Tehran retaliating...
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...