Explore the world.

Assess underlying market conditions and fundamentals in the world's major economies.

World
Global
Americas
United States
Canada
Mexico
Europe
Euro Area
United Kingdom
Asia Pacific
China
Japan
Australia

Stay ahead.

Follow the biggest stories in markets and economics in real time.

Analysis
Blog
Views
Calendar

Subscribe

Get insight into the latest trends and developments in global currency markets with breaking news updates and research reports delivered right to your inbox.

After signing up, you will receive regular newsletters from Corpay, and may unsubscribe at any time. View Corpay’s Privacy Policy

Market Brief, North America

16 Jan 2024

Dollar Advances As Yields Climb

With ten-year Treasury yields poking above the 4 percent threshold once again, the dollar is the only outperformer on the currency league tables this morning. The greenback is trading near a one-month high, posting gains against all of its major counterparts as risk appetite turns more subdued ahead of a speech from formerly-hawkish Federal Reserve Governor Waller at 11:00. The British pound is roughly -0.7 percent weaker after wage growth slowed sharply, supporting bets on an early pivot to easing from the Bank of England. Regular pay growth excluding bonuses cooled to 6.6 percent year over year in the three...

Read More Read More
12 Jan 2024

Markets Reset to Pre-Inflation Release Levels 

Yesterday’s inflation data failed to make a persuasive case for imminent rate cuts. Growth in both the headline and core consumer price measures declined more slowly than economists had hoped, and services ex-shelter inflation remained sticky, suggesting that the disinflation process could prove unexpectedly turbulent. But markets are back to betting on rapid monetary easing. After a brief post-release bump, ten-year yields are back below the 4 percent threshold, Fed fund futures are discounting five or more cuts by the end of 2024, and odds on a 25-basis point move at the central bank’s March meeting are holding near 70...

Read More Read More
11 Jan 2024

Market Calm Remains Intact 

Treasury yields and the broad dollar are coming under selling pressure ahead of this morning’s inflation report, but position-taking looks relatively subdued. The report, due in less than half an hour, is expected to show the core consumer price index rising by 3.8 percent in the year to December, slowing from 4 percent in November and helping set the stage for rules-driven rate cuts from the Federal Reserve in the coming months. As we had suspected, Federal Reserve Bank of New York President John Williams attempted to rebuff these easing expectations in a speech yesterday, but markets paid him little...

Read More Read More
10 Jan 2024

Trading Ranges Narrow Ahead of US Inflation Print

Currency markets remain fundamentally directionless this morning as traders batten the hatches ahead of tomorrow’s US inflation report. The DXY dollar index is modestly softer, dragged lower by an incremental decline in Treasury yields, and equity futures are setting up for another day of sideways movement. Oil prices are lending the Canadian dollar some support, with both major benchmarks rising as tensions in the Middle East ratchet higher. Houthi rebels based in Yemen fired eighteen drones, two cruise missiles and a ballistic missile at shipping in the Red Sea during European trading hours, adding to the likelihood of an assault...

Read More Read More
09 Jan 2024

Caution Prevails, Keeping Currencies Rangebound

The dollar is performing in a mixed manner relative to its major rivals this morning as risk appetite fades amid a lack of definitive trading narratives. Investors are taking dovish comments from the Bank of Portugal’s Governor with a huge helping of salt. The euro-dollar exchange rate remained effectively unchanged after Mario Centeno told an interviewer “I don’t think we have to wait until May” to make a decision on cutting rates, “I don’t see any sign that second-round effects on wages have materialised or will materialise or that wages will put additional pressure on prices”. Odds on the European...

Read More Read More

About

Contact

Data and information on this website is provided “as is” and for informational purposes only. Information on the website does not bind Corpay in any way; nor is it not intended as advice, a recommendation or an offer or solicitation for the purchase or sale of any financial products. Data and other information are not warranted as to completeness or accuracy and are subject to change without notice. All charts or graphs are from publicly available sources, or our proprietary data. Nothing in this material should be construed as investment, financial, tax, legal, accounting, regulatory or other advice or as creating a fiduciary relationship. Corpay disclaims any responsibility or liability to the fullest extent permitted by applicable law, for any loss or damage arising from any reliance on our use of the data in any way. You should contact your Corpay sales representative for clarification on the range of financial instruments available in your jurisdiction. Copyright Cambridge Mercantile Corp. 2022.