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28 Feb 2024

28 Feb 2024

Antipodean FX underperformance

• Negative vibes. A slightly more bearish tone ahead of tonight’s US PCE deflator data. Equities & bond yields a bit lower. AUD & NZD underperform.• RBNZ holds. RBNZ clipped the markets hawkish wings. Rates held steady & odds of another hike were watered down. NZD fell. This dragged on the AUD.• AU CPI. Headline inflation failed to re-accelerate in January. But there was little new info on services prices. AU retail sales released today. A slightly more bearish tone across markets overnight as traders gear up for the release of the US PCE deflator (the US Fed’s preferred inflation...

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28 Feb 2024

Dollar Gains on Subdued Risk Appetite 

Good morning. The dollar is gaining strength before the North American open, bolstered by a broad-based worsening in risk appetite as investors lower expectations for how much the Federal Reserve is likely to lower rates. Equity futures are suffering losses in premarket trading, Treasury yields are steady, and both major oil benchmarks are slipping as US inventories continue to build. Economists expect a small downward revision in fourth quarter gross domestic product when the Bureau of Economic Analysis publishes updated numbers this morning. The first iteration pointed to the economy expanding at a 3.3 percent seasonally adjusted annual rate, but...

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