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06 May 2024

06 May 2024

A ‘hawkish’ turn from the RBA?

• Holding on. Quiet start to the week. US equities & base metals firmer. Long-end yields a bit lower, while the USD & AUD consolidated.• Fed survey. The Fed’s latest lending survey shows credit conditions are still ‘tight’. This can crimp lending & US growth over time, bringing on rate cuts.• RBA meeting. RBA in focus today. Rates pricing has adjusted higher. Will the RBA match the markets thinking? If not, the AUD could fall back. It has been a quiet start to the week across markets. This is unsurprising given the light event calendar. Last week’s moves stemming from...

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06 May 2024

Dollar Momentum Fades As Rate Cuts Return

The dollar is beginning the new week on a defensive footing after Friday’s non-farm payrolls print helped resuscitate hopes for rate cuts from the Federal Reserve. Treasury yields are flat, North American equity bourses are pointing to a supportive open, and currency markets are seeing a second day of broad-based risk-taking. The April jobs report showed labour market conditions easing, but remaining extremely tight. Employers added 175,000 positions, down from an upwardly-revised 315,000-job print in the prior month. The unemployment rate rose an almost indiscernible 0.03 percent, climbing from 3.83 to 3.86 percent, and marking the 27th consecutive month below...

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