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After slowing sharply over the last year, the US job creation engine showed signs of accelerating last month, frustrating market expectations for a rapid easing cycle from the Federal Reserve, and allaying fears of a dramatic slowdown in consumer spending. According to delayed data just released by the Bureau of Labor Statistics, 130,000 jobs were added in January—topping the 68,000-position consensus...
The dollar is weakening and yields are nudging lower after US consumer spending surprisingly flatlined in December, underpinning expectations for more monetary easing in the months ahead. According to figures published by the Census Bureau this morning, total receipts at retail stores, online sellers and restaurants were little changed over the holidays after a 0.6 percent gain in November, and so-called...
Treasury yields are climbing and the dollar is under pressure after Bloomberg reported that Chinese regulators have instructed the country’s commercial banks to cut their holdings of American government debt, noting threats posed by “concentration risks and market volatility”. According to the report, officials verbally advised financial institutions to reduce new purchases and scale down existing...
• Risk rebound. Strong recovery in US equities. USD lost ground. Backdrop pushed NZD & AUD higher. JPY still under pressure post weekend elections.• Data flow. RBA Deputy Gov speaks (Weds). US retail sales (Tues night), jobs report (Weds night), & CPI (Fri night) due. Several Fed members also speak.
Global Trends
There was a turnaround in market sentiment at the end of last week with cyclical...
After several sessions of violent, whiplash price action in precious metals, cryptocurrencies and high-beta technology stocks, investors are hesitantly stepping back in this morning, driving a mean-reversion process across asset classes. The US dollar—which enjoyed a brief, and increasingly-unusual bout of safe-haven support earlier in the week—is retreating against most of its major peers, while Treasury...
Good morning. Foreign exchange markets are caught between conflicting forces as precious metals extend their decline and a sell-off in technology stocks shows signs of exhaustion. Gold and silver prices are tumbling once again, North American equity futures are setting up for modest gains at the open, and the dollar is advancing against most of its major peers amid choppy trading conditions.
The...