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10 Aug 2023

10 Aug 2023

US CPI vs bond supply

• US CPI. The July report was largely as expected. But the rebound in commodity prices, particularly oil, points to higher US inflation over coming months.• Bond yields. US yields rose post the data following a lackluster bond auction. This dampened risk sentiment & supported the USD later in the day.• AUD sluggish. AUD/USD remains near the bottom of its ~2-month range. Outgoing RBA Governor Lowe gives his last Parliamentary Testimony today. The keenly anticipated US CPI report was released overnight, and while markets initially breathed a sigh of relief bond market gyrations later in the session unnerved investors. In...

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10 Aug 2023

Softer US inflation sends dollar lower

Markets are doubling down on “soft landing” bets this morning after US consumer inflation slowed as expected, reducing the need for further monetary tightening from the Federal Reserve. Equity futures are up, Treasury yields are down slightly on the front end of the curve, and the dollar is slipping ahead of the North American open. North America Headline consumer prices rose 3.2 percent in July from the same period last year according to data published by the Bureau of Labor Statistics this morning, up 0.2 percent on a month-over-month basis. This was slightly below the the 3.3 percent and 0.2...

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