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28 Oct 2024

28 Oct 2024

AUD pressure cooker

• Push/Pull. Oil prices tumbled, while US equities, bond yields & USD ticked higher. AUD on the backfoot & is at levels last traded in mid-August.• USD upswing. Higher US yields as well as the weaker EUR & JPY pullback are underpinning the USD. US data could generate more strength.• US politics. US election next week. Odds of Trump winning have risen. Volatility likely with his policy platform also viewed as being USD supportive. There has been a bit more volatility in markets at the start of the week. Oil prices have tumbled with brent crude shedding ~5% (now ~$72/brl)....

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28 Oct 2024

Markets Hunker Down As Event Risk Minefield Looms

De-risking activities are dominating trading activity in financial markets this morning as participants brace for what could be the most momentous fortnight of the year. Treasury yields are climbing once again, with the ten-year now yielding 4.25 percent, the dollar is advancing against its major peers, and trade-sensitive currencies – like the Canadian dollar and Mexican peso – are flirting with year-to-date lows. Crude prices are down sharply after Israeli aircraft struck military targets in Iran over the weekend, avoiding any obvious harm to the country’s energy infrastructure and giving Tehran room to avoid another round of escalation. Implied volatility...

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