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30 Jul 2024

30 Jul 2024

Jam-packed macro calendar

• Cross-currents. Sell-off in US tech stocks resumes. US bond yields lower, while in FX the USD consolidated. AUD range bound over the past 24hrs.• Q2 CPI. Australian inflation due today. Data will make or break the case for another RBA hike. Consensus forecasts are above the RBA’s assumptions.• Global events. Offshore the China PMIs, EZ CPI, & US ECI are due. The BoJ also meets, while tomorrow morning the US Fed delivers its decision. There were a few renewed wobbles in markets overnight ahead of a jam-packed 24hrs of economic releases and central bank decisions. The sell-off in US...

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30 Jul 2024

Currency Traders Keep Powder Dry Ahead of Looming Event Risks

So far, so good. A potentially-dangerous week in foreign exchange markets has started quietly, with most major currency pairs remaining tightly rangebound as traders brace for a raft of central bank decisions, data releases, and earnings reports over the coming days. The dollar is stable, Treasury yields are flatlining, and equity futures are setting up for a modestly stronger open. The Canadian dollar and other risk proxies are holding near Friday’s closing levels after the US Treasury Department’s latest borrowing estimate met market expectations, leaving bond yields flat during yesterday’s session, and reducing anxiety ahead of tomorrow’s quarterly refunding announcement....

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