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23 Feb 2023

23 Feb 2023

USD recovery continues

• Mixed markets. US equities are a little stronger, with US bond yields slightly lower. However, the USD remains firm.• US data focus. Initial jobless claims remain low, a sign the labour market is still tight and that the US Fed has more work to do.• AUD pressure. AUD slipped below 0.68 overnight before recovering modestly. We see further near-term downside on the back of a stronger USD. While market moves have generally been modest, underlying themes have remained the same, especially in FX markets. US equities whipped around overnight, but have ended the day in positive territory (S&P500 +0.6%),...

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23 Feb 2023

Markets Enter Winter Freeze After Fed Minutes

Markets are struggling to dig themselves out of the snow this morning as a steady tightening in financial conditions threatens to cool global demand growth and weigh on corporate earnings. Yields inched higher and the dollar climbed after a record of the Federal Open Market Committee’s meeting at the beginning of the month, released yesterday, showed a “few” non-voters lobbying for a half-percentage-point interest rate hike, even as a quarter-point move garnered unanimous support from the core group. According to the minutes, “A number of participants observed that a policy stance that proved to be insufficiently restrictive could halt recent progress...

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