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28 Sep 2022

28 Sep 2022

Market Briefing: Depressed Earnings Weigh on Global Market Sentiment, Boosting Dollar

US equity futures are falling and the dollar is climbing after weak earnings releases from the likes of Amazon and Apple provided more evidence of a slowdown in the world’s largest economy. The ten-year Treasury yield is flirting with the 4-percent threshold once again, commodities are weaker, and oil price gains are stalling out. Canada’s dollar is struggling to push through the 1.35 mark. The euro is trading back below parity against the dollar after the European Central Bank delivered a widely-expected 75 basis point hike but removed statement language that had previously suggested rates would ratchet higher at the...

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28 Sep 2022

Market Briefing: Fear Grips Financial System as Dollar Climbs and Bank of England Intervenes

With American policymakers issuing this generation’s version of former Treasury Secretary John Connally’s 1971 “the dollar is our currency, but it’s your problem” speech, a surging greenback is crushing all of its major rivals and triggering turmoil across the global financial system. Speaking with reporters yesterday, Treasury Secretary Janet Yellen said “with the United States moving faster than many other countries, we’re seeing upward pressure on the dollar and downward pressure on many other foreign currencies,” and “these kinds of developments — which represent a tightening in financial conditions — are part of what’s involved in addressing inflation”. White House...

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