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27 Sep 2023

27 Sep 2023

Higher Oil, stronger USD

• Oil & bonds. Oil prices have continued to rise. Inflation risks are underpinning bond yields. Relatively higher US yields have supported the USD.• AUD struggles. The stronger USD has washed through FX markets. EUR touched its lowest level since early-January. AUD hit a fresh 2023 low.• Local data. Headline inflation re-accelerated. Improvement in core inflation is slow going. Pressure on the RBA to tighten further remains. Retail sales due today. Another night of bearish sentiment with a further jump in oil prices fanning inflation fears which in turn feed through to bond yields and a stronger USD. WTI crude...

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27 Sep 2023

Bonds have more fun

Treasury yields are retreating from multi-decade highs, helping relieve pressure on equity and foreign exchange markets. North American stock markets look set to open in the green and the dollar is putting in a mixed performance, but the risk-sensitive Canadian dollar is inching lower, and background volatility measures are creeping up. Bond yields moved higher in yesterday’s session after home prices resumed their rise, with the S&P CoreLogic Case-Shiller 20-city index climbing for a fifth month in July – a development that could indicate financial conditions are still too loose, and one that suggests inflation might remain sticky for longer....

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