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20 Jun 2024

20 Jun 2024

AUD cross-currents

• Mixed markets. European equities rose, while US stocks slipped back. Dovish European central bank outcomes weighed on EUR & GBP. USD a bit firmer.• Central banks. SNB cut rates again. The BoE opened the door to a move in August. The cross-currents pushed AUD/EUR & AUD/GBP higher.• Data flow. PMIs in focus today with data from Europe & the US due. Is the US’ outperformance fading? If so, the USD may lose ground. There were several pieces of global economic news overnight, yet for the most part the net financial market moves were modest. Equities across Europe rose again...

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20 Jun 2024

Central Bank Easing Hints Boost Risk Appetite

The dollar is reversing an early-week decline and Treasury yields are creeping higher as market participants return from yesterday’s US holiday. North American equity futures are adding to their gains, and a broader improvement in sentiment is helping feed through into appreciation in high-beta currencies – like the Canadian dollar – amid still-thin trading conditions. A surprise easing decision from the Swiss National Bank is helping bolster liquidity expectations. Officials in the financial safe haven elected to lower inflation projections and deliver a 25 basis point rate cut as they work to reduce restrictiveness and counter recent strength in the...

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