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09 May 2024

09 May 2024

AUD bounces back

• Softer USD. A surprise jump in US weekly jobless claims exerted some pressure on the USD. Positive risk sentiment helped the AUD.• BoE signals. BoE further opened the door to a rate cut. European central banks are leading the pack in the next global easing cycle.• Divergence. Policy divergence between the RBA & others should be AUD supportive. As should the pick up in growth in China. A more upbeat tone across risk assets overnight with the major European and US stockmarkets rising ~0.3-0.5%, oil (WTI crude +0.7%) and copper (+1.3%) firmer, and the USD losing some ground. The...

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09 May 2024

Trading Ranges Shrink As Information Flow Slows

Risk appetite looks subdued across most asset classes this morning as the data cadence slows and investors keep a wary eye on funding strains in US government debt markets. Equity futures are edging lower ahead of the North American open, yields are holding gains achieved when the US Treasury’s latest 10-year auction met with weak demand in yesterday’s session, and the dollar is advancing against its major rivals. The Treasury is set to sell another $25 billion in 30-year bonds this afternoon. As expected, the Bank of England left its major policy settings unchanged and set the stage for a...

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