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Latest Analysis
US jobs report in focus
01 July, 2026
• Risk wobbles. US/European equities slipped back overnight. USD firmer. NZD treading water while AUD underperforms. AUD still tracking sub ~$0.69.• Data trends. On net, more solid US data released the...
Dollar grinds higher into quarter end
30 June, 2026
Good morning. In the absence of any major volatility catalysts, the dollar is adding to its gains and Treasury yields are holding firm, with equity futures pointing to a flat open. Oil prices have fallen...
AUD still on struggle street
29 June, 2026
• Risk rebound. US equities rose overnight after last week’s falls. USD/JPY touched highest point since 1986. AUD treading water just under ~$0.69.• Data pulse. RBA minutes & China PMIs due today....
Dollar holds firm ahead of potentially-dangerous week
29 June, 2026
Good morning. The dollar is holding near a 13-month high and Treasury yields are edging upward as equity futures point to a modest advance at the open, with the Nasdaq set to recover some ground after...
Cross-currents & consolidation
25 June, 2026
• Holding on. Consolidation across most markets after the recent turbulence. USD treads water. AUD hovering near ~$0.69, ~5% from its May peak.• Data flow. AU jobs rebound in May, but that only unwound...
Markets go quiet ahead of US inflation update
25 June, 2026
Good morning. The dollar is edging lower and trading ranges are narrowing across currency markets ahead of the personal consumption expenditures report—the Federal Reserve’s preferred inflation gauge—at...
AUD under pressure
24 June, 2026
• Shaky ground. A bout of risk aversion has washed through markets the past few days. US equities lose ground. USD firmer. AUD down near ~$0.6900.• Macro pulse. US PCE deflator out tonight. Australian...
Dollar keeps steamrolling forward
24 June, 2026
Good morning. The trade-weighted dollar is holding near a sixteen-month high, Treasury yields are slipping, and US equity futures are rebounding after a steep technology-led selloff earlier in the week.
Oil...
Dollar climbs against a rapidly-worsening risk backdrop
23 June, 2026
Good morning. The dollar is advancing against all of its major peers, driven by a Federal Reserve that has turned far more hawkish, and a deterioration in risk appetite as technology stocks retreat.
Last...
Underlying Canadian inflation pressures hold firm, lowering rate expectations
22 June, 2026
There was little evidence of higher energy costs broadening to raise prices for other goods and services in Canada last month, with underlying inflation pressures holding steady, further lowering the likelihood...