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03 Sep 2024

03 Sep 2024

Risk aversion returns

• Risk off. Growth worries have weighed on cyclical assets. US equities fell, as did base metal prices. Bond yields declined. USD & JPY stronger.• AUD weaker. Backdrop has exerted downward pressure on the AUD. There could be more to come if the US jobs data generates USD support.• AU GDP. Q2 GDP released today. Another weak quarter of growth likely. But level of demand is still high. RBA Gov. Bullock speaks tomorrow. It has been a negative start to September with a bout of risk aversion rippling through markets overnight as the US returned from its long weekend. Some...

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03 Sep 2024

Investors Batten the Hatches Ahead of a Stormy September

The dollar is blowing into September with a full head of steam as traders brace for what could prove to be this year’s most pivotal economic data release: Friday’s August non-farm payrolls report. Two-year Treasury yields are edging higher, stock market futures are softening, and the greenback is climbing against most of its major counterparts, with rallies in the euro and pound showing clear signs of exhaustion. Today’s update from the Institute for Supply Management could move markets. The Institute’s manufacturing purchasing manager index is expected to show the factory sector remaining firmly in contractionary territory, with new orders continuing...

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