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Good morning. Tensions between the US and Iran, doubts about the sustainability of the artificial intelligence boom, and uncertainty over the Trump administration’s tariff plans are restraining risk appetite, leaving most major currency pairs nearly flat against yesterday’s fix. The dollar is trading incrementally softer against a basket of its peers, benchmark ten-year Treasury yields...
• AUD strength. Positive sentiment & firmer inflation have supported the AUD. This & JPY weakness have propelled AUD/JPY to a multi-decade high.• Data flow. US producer price inflation due later this week. Looking ahead, AU GDP, as well as the US ISMs, retail sales, & jobs report are out next week.
Global Trends
There was an upbeat tone overnight with limited fresh economic newsflow...
Financial markets are becalmed after US president Donald Trump stuck to the script in his State of the Union address last night, avoiding any major policy announcements and striking a more measured tone on Iran than some investors had feared. The dollar is almost unchanged relative to the afternoon fix, benchmark Treasury yields are edging higher, and equity markets look set to extend yesterday’s recovery...
Good morning. The dollar is advancing against most of its major counterparts and measures of implied currency volatility are tracking near historic norms as foreign exchange traders downplay tariff risks and shrug off signs of a shift in investor sentiment around the US technology sector.
US Customs began collecting a 10-percent tariff on goods not covered by exemptions this morning—below the...
Equity markets are lower and the dollar is weaker against all of its major counterparts after the US cycled through four different tariff frameworks between Friday morning and Saturday afternoon, underscoring the policy uncertainty facing the world’s largest economy. After the Supreme Court struck down President Trump’s use of the International Emergency Economic Powers Act, he moved to replace the...
• US tariffs. US Supreme Court rules against Pres. Trump. US tariffs being rejigged. USD softer. AUD & NZD a little firmer. AUD still near multi-year peak.• Macro trends. Over medium-term reworking tariff policies may be US growth & USD supportive. This week AU inflation data due. RBA Gov. Bullock speaks.
Global Trends
US tariff developments were in focus on Friday and the weekend. The...