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24 Jun 2024

24 Jun 2024

Watching & waiting

• Consolidation. Quiet start to the week. Easing French election risks supported European equities & the EUR. Softer USD pushed AUD a bit higher.• JPY watch. USD/JPY is around levels which previously triggered bouts of FX intervention. Verbal rhetoric by Japanese officials is starting to pick up.• Inflation pulse. US core PCE deflator (due Fri) likely to slow, while monthly AU CPI (due Weds) could re-accelerate. Diverging trends are AUD supportive. It has been a quiet start to the new week. This isn’t surprising given the bulk of the potential market moving global releases such as US durable goods orders...

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24 Jun 2024

Currency Markets Brace for Event Risk-Laden Week

Currency traders are on edge ahead of a series of event risks that could trigger renewed volatility in foreign exchange markets. The dollar is inching lower after last week brought confirmation of a weakening in retail sales, along with an unexpected increase in jobless claims during the June non-farm payrolls survey period. Recent data has shown clear evidence of slowing momentum in the US economy, but the greenback has continued to win the “cleanest dirty shirt” contest, emerging largely unscathed as other major currencies have come under selling pressure. Friday’s ‘triple witching’ session left the major equity indices unharmed, but...

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