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15 Aug 2023

15 Aug 2023

Under pressure

• Mixed signals. Weak China data & positive surprises in US retail sales, Canadian inflation, & UK wages has rattled market nerves.• Negative vibes. The deluge of data has seen US/European bond yields rise & equity markets fall. USD remains firm. AUD touched another 2023 low.• Upcoming events. No change expected from the RBNZ today. UK CPI, US housing & production data, & the FOMC meeting minutes also due. It has been a busy 24hrs with markets digesting a deluge of data. There were mostly positive surprises with activity and/or inflation metrics generally coming in hotter than expected, though China...

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15 Aug 2023

US consumer spending rebounds, supporting yields and the dollar

The dollar is up and risk-sensitive currencies are in retreat as benchmark Treasury yields near the highest levels in almost 15 years on stronger-than-expected retail sales numbers. North America US retail spending jumped by more than forecast last month as underlying consumer demand remained strong, keeping monetary tightening expectations aloft. According to figures published by the Census Bureau this morning, total receipts at retail stores, online sellers and restaurants climbed 0.7 percent on a month-over-month basis in July, beating consensus estimates closer to 0.4 percent and rising 3.2 percent over a year prior. Gas station sales climbed 0.4 percent month-over-month as...

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