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19 Aug 2024

19 Aug 2024

USD on struggle street

• Risk on. Equities continue to climb with the S&P500 up for the 8th straight day. The USD has weakened. The AUD is up at a 1-month high.• Fed comments. A few Fed officials have suggested a cut in September is up for debate. Chair Powell speaks at Jackson Hole later this week.• Already priced? But this already looks well priced in. Cautious comments from Powell could see US rate expectations & the USD rebound. No new major news continues to be good news for markets. Equities have continued to power ahead. The US tech-focused NASDAQ outperformed (+1.4%) with the...

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19 Aug 2024

Dollar Retraces Last Week’s Rebound on Easing Expectations

The case for an emergency-style half percentage-point rate cut at the Federal Reserve’s September meeting took a series of blows last week, helping boost Treasury yields and halt the dollar’s long slump. Inflation slowed in July, but exhibited no evidence of collapsing consumer demand. Initial applications for unemployment benefits fell for a second consecutive week, suggesting that labour markets were not suffering the violent reversal feared only a few weeks earlier. And recession worries eased as headline retail sales accelerated by the most since last January. Jerome Powell is widely expected to telegraph a September rate cut in Friday’s appearance...

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