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08 Jul 2024

08 Jul 2024

Will Fed Chair Powell rattle markets?

• Quiet markets. Small market moves overnight with reaction to the French election result minimal. Bond yields consolidated. USD a touch firmer.• Fed commentary. Fed Chair Powell speaks tonight. Will he note the loosening in the jobs market & keep the door open to rate cuts later this year?• AU data. Consumer confidence & business conditions due today. Diverging macro/policy trends in Australia’s favour are AUD supportive. A quiet start to the week with the major asset markets confined to tight ranges. Reaction to the surprise result in the second round of the French parliamentary elections where the leftist alliance...

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08 Jul 2024

Calm Returns as French Election Ends in Stalemate

Foreign exchange rates are settling into narrower trading ranges this morning as political risks ebb and the dollar’s retreat continues. The euro is modestly lower after an alliance of left-wing parties achieved a stunning upset in the French election, making a “hung parliament” – in which no single group can dominate the legislative agenda – the most probable outcome. Defying polls that showed Marine le Pen’s Rassemblement National on track toward gaining the biggest delegation in the National Assembly, Jean-Luc Mélenchon’s Socialist Nouveau Front Populaire is leading with 182 seats, with most constituencies counted, followed by President Emmanuel Macron’s Ensemble...

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