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05 Jul 2023

05 Jul 2023

US Fed has more work to do

• Fed thinking. Minutes of the last Fed meeting had a ‘hawkish’ tinge. “Almost all” think more tightening is needed. US yields higher & USD firm.• AUD underperforms. AUD weighed down by the lift in US yields, shaky risk sentiment, & weaker CNH. AUD headwinds remain, in our view.• US data. ADP employment, initial jobless claims, JOLTs job openings, & ISM services index released tonight. US non-farm payrolls due tomorrow. With the US back on deck markets were more lively overnight. The minutes of the last US FOMC meeting were in focus, and as we had expected there was a...

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05 Jul 2023

Markets retreat as fireworks fade

Financial markets are suffering a modest post-July 4 hangover, with the big risk haven currencies – the dollar, euro, and yen – outperforming their commodity-linked brethren ahead of the North American open.  Risk appetite is broadly weaker after China’s Caixin services sector purchasing manager index fell by more than expected in May, providing more evidence of a softening in consumer sentiment in the world’s second-largest national economy. The index dropped to 53.9 from 57.1 in April, missing forecasts that were set above the 56 threshold, and aligning with similar results from the official services and manufacturing surveys last week. The yuan...

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