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27 Jun 2023

27 Jun 2023

Higher for longer

• Diverging markets. US equities higher, supported by stronger data. Bond yields up with ‘hawkish’ rhetoric from ECB President Lagarde also at play.• FX markets. USD mixed. EUR firmer, while USD/JPY edged up. The world’s key central bankers speak tonight. Could this rattle risk markets?• AUD mixed. AUD unwound its CNY strength inspired gains. AUD/EUR lower. Australia’s monthly CPI indicator is released today. Mixed fortunes across markets overnight with stronger than expected US economic data and ‘hawkish’ messages from central bankers pulling asset classes in different directions. In terms of the data, US new home sales increased to their highest...

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27 Jun 2023

Canadian dollar falls as inflation slows

Canadian inflation decelerated in May, and most underlying price indicators continued to soften, helping push the Bank of Canada back onto a data-dependent footing. Data released by Statistics Canada this morning showed the Consumer Price Index rising 3.4 percent on a year-over-year basis in May, down sharply from the 4,4 percent increase recorded in April, and perfectly in line with consensus expectations. On a month-over-month basis, the change climbed to 0.4 percent – again aligning with market forecasts. Base-year effects saw gasoline prices fall -18.3 percent year-over-year, and the energy sub-index also dropped 12.4 percent. Food prices slowed their climb, up 9...

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