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27 Mar 2023

Improved sentiment, but for how long?

• Improved sentiment. Banking concerns have eased, at least temporarily. Equities a little higher, while a shift in expectations has pushed up bond yields.• Stable USD. Positive sentiment has weighed on the JPY, while stronger German data and hawkish ECB and BoE rhetoric boosted EUR and GBP.• AUD cross-check. AUD under pressure on the crosses. AU retail sales released today. The data will shape the RBA’s near-term interest rate thinking. Banking sector induced volatility continued overnight, although in a change from the recent trend sentiment was more positive with confidence about the resilience of the system improving. Reports that US...

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Chartbook: March 27

Charts from this week’s internal trading call: Markets are still behaving irrationally. [embedpress embedpress_embeded_link=” prefix_nftcreator=’false’ prefix_nftprice=’false’ prefix_nftlastsale=’false’ label_nftbutton=’false’ loadmorelabel=’false’ label_nftrank=’false’ label_nftdetails=’false’ embedpress_pro_embeded_source=’default’ embedpress_pro_embeded_nft_type=’false’ spotify_theme=’false’ embedpress_pro_video_start_time=’false’ embedpress_pro_youtube_end_time=’false’ embedpress_pro_youtube_auto_play=’false’ embedpress_pro_youtube_display_controls=’false’ embedpress_pro_youtube_enable_fullscreen_button=’false’ embedpress_pro_youtube_display_video_annotations=’false’ embedpress_pro_youtube_progress_bar_color=’false’ embedpress_pro_youtube_force_closed_captions=’false’ embedpress_pro_youtube_modest_branding=’false’ embedpress_pro_youtube_display_related_videos=’false’ embedpress_pro_youtube_logo=’false’ embedpress_pro_youtube_logo_size=’false’ embedpress_pro_youtube_logo_custom_dimension=’false’ embedpress_pro_youtube_logo_xpos=’false’ embedpress_pro_youtube_logo_xpos_tablet=’false’ embedpress_pro_youtube_logo_xpos_mobile=’false’ embedpress_pro_youtube_logo_ypos=’false’ embedpress_pro_youtube_logo_ypos_tablet=’false’ embedpress_pro_youtube_logo_ypos_mobile=’false’ embedpress_pro_youtube_logo_opacity=’false’ embedpress_pro_youtube_logo_opacity_hover=’false’ embedpress_pro_youtube_cta=’false’ embedpress_pro_vimeo_auto_play=’false’ embedpress_pro_vimeo_color=’false’ embedpress_pro_vimeo_display_title=’false’ embedpress_pro_vimeo_display_author=’false’ embedpress_pro_vimeo_avatar=’false’ embedpress_pro_vimeo_loop=’false’ embedpress_pro_vimeo_autopause=’false’ embedpress_pro_vimeo_dnt=’false’ embedpress_pro_vimeo_logo=’false’ embedpress_pro_vimeo_logo_size=’false’ embedpress_pro_vimeo_logo_custom_dimension=’false’ embedpress_pro_vimeo_logo_xpos=’false’ embedpress_pro_vimeo_logo_xpos_tablet=’false’ embedpress_pro_vimeo_logo_xpos_mobile=’false’ embedpress_pro_vimeo_logo_ypos=’false’ embedpress_pro_vimeo_logo_ypos_tablet=’false’ embedpress_pro_vimeo_logo_ypos_mobile=’false’ embedpress_pro_vimeo_logo_opacity=’false’ embedpress_pro_vimeo_logo_opacity_hover=’false’ embedpress_pro_vimeo_cta=’false’ embedpress_pro_wistia_auto_play=’false’ embedpress_pro_wistia_color=’false’ embedpress_pro_wistia_captions_enabled_by_default=’false’ embedpress_pro_wistia_fullscreen_button=’false’ embedpress_pro_wistia_small_play_button=’false’ embedpress_pro_wistia_resumable=’false’ embedpress_pro_wistia_focus=’false’ embedpress_pro_wistia_captions=’false’ embedpress_pro_wistia_playbar=’false’ embedpress_pro_wistia_volume_control=’false’ embedpress_pro_wistia_volume=’false’ embedpress_pro_wistia_rewind=’false’ embedpress_pro_wistia_rewind_time=’false’ embedpress_pro_wistia_logo=’false’ embedpress_pro_wistia_logo_size=’false’ embedpress_pro_wistia_logo_custom_dimension=’false’ embedpress_pro_wistia_logo_xpos=’false’ embedpress_pro_wistia_logo_xpos_tablet=’false’ embedpress_pro_wistia_logo_xpos_mobile=’false’ embedpress_pro_wistia_logo_ypos=’false’ embedpress_pro_wistia_logo_ypos_tablet=’false’ embedpress_pro_wistia_logo_ypos_mobile=’false’ embedpress_pro_wistia_logo_opacity=’false’ embedpress_pro_wistia_logo_opacity_hover=’false’ embedpress_pro_wistia_cta=’false’ embedpress_pro_soundcloud_visual=’false’ embedpress_pro_soundcloud_color=’false’ embedpress_pro_soundcloud_autoplay=’false’ embedpress_pro_soundcloud_share_button=’false’ embedpress_pro_soundcloud_comments=’false’ embedpress_pro_soundcloud_artwork=’false’ embedpress_pro_soundcloud_play_count=’false’ embedpress_pro_soundcloud_user_name=’false’ embedpress_pro_soundcloud_buy_button=’false’...

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Calmer Heads Prevail?

A sense of cautious optimism is returning to financial markets this morning as investors bet contagion risks at regional banks in Europe and the United States have been largely contained. All of the major currency pairs are trading within relatively tight ranges, Treasury yields are inching back from last week’s selloff, and equity futures are setting up for a stronger open. Oil prices are rising, gold is falling, and the Canadian dollar – again functioning more like a risk proxy than a national currency unit – is climbing against the greenback. Signs of stability are returning. European bank shares climbed through the...

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