Explore the world.

Assess underlying market conditions and fundamentals in the world's major economies.

World
Global
Americas
United States
Canada
Mexico
Europe
Euro Area
United Kingdom
Asia Pacific
China
Japan
Australia

Stay ahead.

Follow the biggest stories in markets and economics in real time.

Analysis
Blog
Views
Calendar

Subscribe

Get insight into the latest trends and developments in global currency markets with breaking news updates and research reports delivered right to your inbox.

After signing up, you will receive regular newsletters from Corpay, and may unsubscribe at any time. View Corpay’s Privacy Policy

05 Dec 2023

05 Dec 2023

Australia’s growth pulse: down but not out

Australian GDP data is notoriously backward looking. We are now ~2/3’s of the way through Q4 and the print for Q3 was only released today. Nevertheless, the detailed national accounts are still useful in providing a guide to the underlying picture across a broad range of areas and helps us benchmark how trends are unfolding compared with our thoughts. The GDP report illustrates that momentum across the economy has stepped down, unsurprising given the 425bps worth of rate hikes put through by the RBA this cycle and other cost of living factors that are hitting the private sector. The economy...

Read More Read More
05 Dec 2023

Bond yields fall again

• Lower yields. A drop in US job openings & dovish ECB comments weighed on bond yields. But relatively larger falls in Europe supported the USD.• RBA holds. No change from the RBA. The lack of a tweak to its guidance compounded the firmer USD. The AUD’s pull-back extended overnight.• Data flow. Q3 AU GDP due today, while in the US labour stats will remain in focus with ADP employment tonight & non-farm payrolls rounding out the week. Bond market moves were in focus overnight and this flowed through to FX with the USD firmer thanks to some EUR and...

Read More Read More
05 Dec 2023

JOLTS of lightning

According to this morning’s Job Openings and Labor Turnover Survey (JOLTS), the ratio between the number of open jobs and the number of unemployed US workers fell dramatically in October, helping drive yields and the greenback lower.  The “everything rally” that powered most asset classes higher through the month of November is back on, with investors betting on a historically-unusual scenario occurring – one in which a softening labour market clears the way for an aggressive course of rate cuts in 2024, even as the economy skirts recession. This is, admittedly, quite possible. The evolution of the post-pandemic business cycle...

Read More Read More
05 Dec 2023

Cognitive dissonance in markets begins to correct

Risk-sensitive currencies are giving back some of last week’s gains this morning, tumbling in the face of a resurgent dollar. US Treasury yields are climbing and the greenback is pushing higher as investors begin to question whether the Federal Reserve will cut rates aggressively without a “hard landing” in the economy next year. With unemployment inching up, consumer spending showing clear signs of exhaustion, and business capital expenditures shifting into reverse, the typical indicators of a recession are blinking red, and data out this week—today’s Institute for Supply Management services survey, and Friday’s November non-farm payrolls report—could provide more evidence...

Read More Read More

About

Contact

Data and information on this website is provided “as is” and for informational purposes only. Information on the website does not bind Corpay in any way; nor is it not intended as advice, a recommendation or an offer or solicitation for the purchase or sale of any financial products. Data and other information are not warranted as to completeness or accuracy and are subject to change without notice. All charts or graphs are from publicly available sources, or our proprietary data. Nothing in this material should be construed as investment, financial, tax, legal, accounting, regulatory or other advice or as creating a fiduciary relationship. Corpay disclaims any responsibility or liability to the fullest extent permitted by applicable law, for any loss or damage arising from any reliance on our use of the data in any way. You should contact your Corpay sales representative for clarification on the range of financial instruments available in your jurisdiction. Copyright Cambridge Mercantile Corp. 2022.