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22 Aug 2024

22 Aug 2024

Reversal of fortune

• Market turn. US equities dipped, while bond yields & the USD rose. The reversal has taken some of the heat out of the AUD.• Data pulse. Solid US data & ‘cautious’ comments from Fed officials about the looming rate cut cycle underpinned the moves.• Jackson Hole. Fed Chair Powell speaks tonight. A further push back on aggressive rate cut bets could see the USD’s revival extend. A reversal of fortune in markets over the past 24hrs. US equities dipped (S&P500 -0.9%), with the tech-focused NASDAQ underperforming (-1.7%). US bond yields have risen by ~5-7bps across the curve with the...

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22 Aug 2024

Trading Ranges Shrink As Jackson Hole Beckons

A sense of cautious optimism is settling over global markets this morning after payroll revisions and Federal Reserve minutes helped recalibrate expectations for the central bank’s policy actions this autumn. Trading ranges are narrowing across fixed-income, equity, and foreign exchange markets, with most major currency pairs moving sideways as participants avoid taking directional positions ahead of tomorrow’s appearance from Fed Chair Jerome Powell at the Jackson Hole economic symposium. The Bureau of Labor Statistics yesterday said the number of jobs created in the year through March was significantly less than initially believed. Revisions subtracted 818,000 jobs from total payrolls over...

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