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Market Brief, North America

13 Dec 2022

Market Briefing: Currency markets go quiet ahead of critical inflation data

Trading activity is muted across the foreign exchange markets this morning as participants await the latest inflation numbers and prepare for tomorrow’s Federal Reserve decision. The dollar and Treasury yields are slightly weaker, while commodity-complex currencies are inching higher. The pound is holding its ground and the implied likelihood of a half-percentage-point hike at Thursday’s Bank of England meeting is effectively unchanged after the latest numbers showed labour markets remaining tight in the face of a broader economic slowdown. According to the Office for National Statistics, a better-than-forecast 107,000 jobs were created in November, while the labour force survey showed...

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12 Dec 2022

Market Briefing: Markets prepare to close out the year with a bang

The dollar is softer, Treasury yields are slumping, and implied volatility levels are creeping higher as an action-packed week begins in financial markets. Equity futures are pointing to a slightly stronger open after Friday’s selloff, and risk-sensitive currencies are edging upward. The pound is slightly stronger after the Office for National Statistics said the economy grew by 0.5 percent in October after shrinking 0.6 percent in September. This beat consensus forecasts for a 0.4-percent expansion, and helped show that a surge in the “moron risk premium” (to borrow Dario Perkin’s term) during the Truss government’s brief time in power has...

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09 Dec 2022

Market Briefing: Volatility falls in the run-up to an eventful week

The dollar is setting up for a third day of losses even as markets prepare for an onslaught of potential volatility catalysts in the week ahead. Economists think the US will report a 7.3-percent rise in headline consumer prices when it drops November’s data on Tuesday – confirming a steady easing in inflation pressures. The Federal Reserve is expected to announce another half-percentage-point hike on Wednesday, and publish an updated set of policy projections showing a gradual deceleration in coming months. The European Central Bank and Bank of England will probably deliver their own half-point hikes on Thursday. Traders will...

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08 Dec 2022

Market Briefing: Risk appetite erodes as markets brace for turbulent week ahead

The dollar is creeping higher as traders begin to cut risk ahead of next week’s US consumer price report and Federal Reserve meeting. Both events carry the potential to drive unpredictable changes in year-ahead rebalancing flows across currency markets, and hedging demand is pushing up one-week implied volatility levels in most majors. The Canadian dollar is back near levels that prevailed ahead of yesterday’s rate decision. The Bank of Canada raised rates by more than expected – half a percentage point – but offset the impact on yields and the exchange rate by signalling an imminent pause in its tightening...

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07 Dec 2022

Market Briefing: Trading ranges narrow as inflation fears ebb

Currency markets are becalmed, with bond yields and interest differentials trading within remarkably-tight ranges as central bank policy trajectories become – seemingly – more predictable. Yields in the major economies moved less than two basis points over the course of yesterday’s session, marking a big departure from the dramatic moves seen earlier in the year. The euro is almost-imperceptibly higher after Eurostat said the economy expanded slightly more than previously estimated in the third quarter.Gross domestic product grew 0.3 percent between July and September, beating the 0.2 percent initial estimate as fixed capital investment and household consumption helped offset an...

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