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Market Wire, North America

Fed Signals One Cut in 2024, Down From Three

As expected, the US Federal Reserve’s policy committee held benchmark borrowing costs at a 23-year high for a seventh consecutive meeting this afternoon, but slashed the number of cuts expected this year from three to one – disappointing market participants expecting a more dovish outlook. In the statement setting out its decision, the Federal Open Market Committee repeated a sentence warning that it “does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent”. A sentence that previously complained of a “lack of further progress”...

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US Inflation Decelerates Sharply, Bolstering Rate Cut Odds

Consumer price growth slowed more than expected in the United States last month, setting the stage for a more dovish set of communications from the Federal Reserve when it releases its latest decision this afternoon. According to data published by the Bureau of Labor Statistics this morning, the core consumer price index – with highly-volatile food and energy prices excluded – rose 3.4 percent in May from the same period last year, up 0.2 percent on a month-over-month basis. This undershot consensus estimates among economists polled by the major data providers ahead of the release, which were set at 3.5...

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Jobs Numbers Beat Expectations, Lifting Yields

The US job creation engine sped up in May, further diminishing odds on a rate cut before the November election. According to data released by the Bureau of Labor Statistics this morning, 272,000 jobs were added in the month, solidly overshooting the 175,000 consensus forecast, and remaining well above the 120,000 that is generally believed sufficient to mechanically offset net growth in the labour force. Revisions to prior months saw overall gains lowered by a total 15,000 positions. The unemployment rate ticked higher to 4 percent, breaking a 28-month stretch below the 4 percent threshold, and wage gains accelerated, exacerbating...

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Bank of Canada Cuts, Telegraphs More Easing Ahead

The Bank of Canada delivered a long-awaited rate cut this morning, and language in the accompanying statement set the stage for more easing to come at subsequent policy meetings – a regime shift that should add to momentum pushing the Canadian dollar lower. In the official statement setting out the decision, policymakers said “Overall, recent data suggest the economy is still operating in excess supply,” and “has increased our confidence that inflation will continue to move towards the 2 percent target”. Officials noted that consumer price growth has slowed, with three-month measures showing “continued downward momentum”. All of the Bank’s...

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Cooling US Prices Halt Dollar’s Advance

The Federal Reserve’s preferred inflation measure came in as forecast in April, but underlying price pressures cooled, slightly raising odds on an easing cycle beginning in the autumn months. Data released by the Bureau of Economic Analysis this morning showed the core personal consumption expenditures index rising 0.3 percent in April from the prior month, matching market forecasts. On a year over year basis, base effects saw core price growth stabilising at 2.8 percent, the same as in March, aligning with economist estimates. The overall personal consumption expenditures index was up 0.3 percent from the prior month, 2.7 percent higher...

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