It’s quiet. Too quiet. Most major currency pairs remain trapped in tight price ranges this morning as volumes fall, but the dollar is firming slightly as traders hedge themselves against an unexpectedly-hawkish message from Jerome Powell at Friday’s meeting in Jackson Hole, and Treasury yields are pushing modestly higher. Although technology stocks are paring their losses after yesterday’s swoon, broader...

After holding steady last time out the Reserve Bank of New Zealand once again spread its ‘dovish’ wings at today’s policy meeting. As expected, the RBNZ announced another 25bp cut which lowered the Official Cash Rate to 3%, however the updated assessment of the economic landscape was more downbeat and opened the door to settings being moved into ‘accommodative’ territory over future meetings (chart...

• Market wobbles. A small bout of risk aversion overnight. US equities declined while the USD ticked up. AUD & NZD lost some ground.• RBNZ meeting. RBNZ expected to cut rates again today. Will it flag even more easing down the track? NZD & AUD/NZD volatility likely to lift today.• Fed speak. Markets focused on Fed Chair Powell’s upcoming Jackson Hole speech (Fri night AEST). Will Chair...

A sense of calm has descended upon global financial markets as the data cadence slows, geopolitical developments settle to a dull roar, and monetary policy expectations stabilise. Benchmark Treasury yields are almost unchanged relative to yesterday’s open, equity futures are pointing to another day of incremental gains, and measures of implied currency volatility remain low—even across short-term tenors...

Good morning, and welcome back. In the US, ten-year Treasury yields are holding near last week’s levels, equity futures are setting up for a modest advance at the open, and the dollar is trading near a three-week low against most of its major rivals. The euro is trading lower given that there’s been no appreciable unwinding in geopolitical risk after presidents Trump and Putin emerged from a meeting...

• Consolidation. US equities drifted back a bit on Friday, but still rose over the week. USD a little softer. AUD & NZD ticked up modestly.• Event Radar. RBNZ expected to cut rates again (Weds). Global PMIs are due (Thurs). US Fed Chair Powell speaks at Jackson Hole (Fri night AEST). Global Trends A subdued end to last week across markets as macro and geopolitical forces pushed and pulled on various...

• US PPI. Much stronger than expected US producer prices rekindled inflation fears. US yields rose, as did the USD. AUD back below 1-month average.• AU jobs. Employment report broadly inline with forecasts. Unemployment hovering just above 4%. Supports the case for gradual RBA easing.• Data flow. China activity data due today. In the US, retail sales & industrial production out tonight. Data could...

• Positive vibes. Global equities pushed higher with markets factoring in a series of US Fed rate cuts. USD softer. AUD & NZD edge a little higher.• AU jobs. Volatile employment report released today. Labour demand is cooling. Will the AU jobs data rebound or is a new (weaker) trend forming?• US data. Producer prices & jobless claims out tonight. US retail sales & import prices due Friday....

• US CPI. Not as bad as feared US inflation supported sentiment overnight. US equities rose, as did US rate cut expectations. USD softer. AUD rebounded.• RBA change. RBA finally delivered another 25bp rate cut yesterday. A few more moves look to be in the pipeline based on the RBA’s new forecasts.• Data flow. AU wages out today & jobs report due tomorrow. China data released on Friday. US...

After defying expectations by holding interest rates steady in July the RBA (finally) announced some more ‘relief’ for indebted households/businesses at today’s meeting. The RBA lowered the cash rate by 25bps to 3.60% with the Board voting unanimously (i.e. 9-0) in favour of the move. This is the 3rd reduction since February and was widely anticipated given the RBA noted last time that the decision...