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21 Aug 2023

21 Aug 2023

Bond yields still rising

• Bond yields. US 10-year yields at their highest since 2007. The upswing in real yields has been the driver. Despite the lift in yields US equities also rose.• Stable FX. The USD & AUD consolidated. AUD remains near the bottom of its 2023 range. Is the AUD finding a base?• Upcoming events. European/US PMIs (Weds), China developments, & upcoming speeches by Fed Chair Powell & ECB President Lagarde are in focus. Despite the limited news flow bond yields have extended their upswing with markets focused on this week’s Jackson Hole Symposium and speeches by US Fed Chair Powell and...

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21 Aug 2023

Markets mark time into Jackson Hole

Foreign exchange market flows are ebbing this morning, reflecting typical late-August trading dynamics. The dollar is inching lower, delivering gains in most major-economy currencies, equity futures are pushing higher ahead of the open, and ten-year Treasury yields are holding near post-2007 highs. Last week, markets sold off as long-term rate expectations were ratcheted higher. Yields spiked to multi-decade peaks after minutes from the last Federal Reserve meeting showed officials remaining intent on keeping policy tight for a prolonged period of time, and as updated retail sales numbers pointed to resilience in consumer demand. More broadly, the global economy is sucking...

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