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Market Brief, North America

24 May 2024

Dollar Cruises Toward Weekly Gain on Fading Easing Expectations

With a long weekend ahead, the dollar looks set to consolidate its biggest weekly advance since early April as markets capitulate in the face of hotter-than-expected US growth data and a more hawkish Federal Reserve. The greenback is down slightly in early trade against all of its major counterparts – other than the yen – but remains roughly half a percent stronger on the week, two-year Treasury yields are up a little more than 2 percent, and equity futures are steadily giving back Wednesday’s gains ahead of the North American open. Defying our expectations, the US economic activity accelerated in...

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23 May 2024

Nvidia Earnings Offset Fed Losses in Currency Markets

The US dollar is edging lower as risk appetite recovers from a surprisingly-hawkish set of Fed minutes. The greenback surged yesterday afternoon after a record of the Federal Reserve’s last meeting showed officials expressing doubts over whether interest rates were tight enough to bring inflation down to target, weighing on rate cut expectations across the front of the curve. According to the minutes, although policymakers generally thought the central bank was “well positioned,” there were “many” who felt “uncertainty about the degree of restrictiveness” being imposed on the economy. “Various participants mentioned a willingness to tighten policy further should risks...

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22 May 2024

Hawkish Fedspeak Forces Modest Market Retreat

Traders are staying in their foxholes this morning after a flock of Fed officials delivered a remarkably unified message on rate cuts, warning markets not to expect easing to begin for many months yet. Speaking at the Peterson Institute in Washington yesterday, Governor Waller counselled patience, saying “In the absence of a significant weakening in the labour market, I need to see several more months of good inflation data before I would feel comfortable supporting an easing in the stance of monetary policy”. At a separate event, Cleveland’s Loretta Mester said “I need to see a few more months of...

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21 May 2024

Cautious Fed Messaging Puts Markets on the Defensive

The dollar is inching off a five week low after a slew of Federal Reserve officials repeated their “higher for longer” mantra in a series of appearances yesterday, forcing markets to push rate cut expectations a little farther out. The greenback weakened in recent weeks as a slew of softer-than-anticipated data releases pointed to slowing economic momentum, but gained slightly during yesterday’s session as Federal Open Market Committee members Bostic, Daly, Jefferson, and Mester all said they would need to see more evidence of cooling inflation before contemplating an easing in policy. Markets are back to pricing in a little...

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17 May 2024

Easing Wagers Pull Back Slightly as Wariness Returns

Not so fast. Currency markets are turning more cautious this morning as traders trim US rate-cut bets slightly from levels hit after Wednesday’s Goldilocks-esque inflation and retail sales reports. The greenback is inching up against its major counterparts, long-end Treasury yields are pushing higher, and North American equity futures are setting up for a slightly diminished open. But the dollar’s outperformance has faded in recent weeks. After a series of data releases showing labour markets slowing, consumer spending trending down, and inflation pressures subsiding, economists are revising growth projections lower. Federal Reserve chair Jerome Powell’s repeated reference to “restrictive” rate...

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