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14 Aug 2023

14 Aug 2023

China concerns

• Choppy markets. Developments in China weighed on risk sentiment yesterday, but things settled down overnight. US equities & bond yields higher.• Stronger USD. Higher US yields & China-related nerves pushed the USD to year-to-date highs against the CNH, JPY, SGD, NZD, & AUD.• Data focus. RBA meeting minutes, Q2 AU wages, China activity data batch, UK labour stats, & US retail sales due today. It has been a choppy start to the week for markets. Negative sentiment around developments in China weighed on sentiment during yesterday’s Asian session with investors appearing somewhat concerned about potential fallout from troubles in...

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14 Aug 2023

Price action turns choppy on higher yields and Chinese contagion fears

The dollar is little changed after a series of data releases intersected with oil price gains last week to push long-term yields slightly higher – even as expectations for a pause at the Federal Reserve’s September meeting remained intact. More broadly, risk appetite remains relatively subdued and commodity-linked currencies are softening as troubles in the Chinese property sector keep global demand expectations under pressure and drive raw materials prices modestly lower. North America Tomorrow’s retail sales report looms as the next potential catalyst for dollar moves, with major uncertainties remaining around the durability of consumer spending in the world’s largest...

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