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CAD

09 Dec 2025

Hawks in the nest

• Consolidation. US equities tread water ahead of tomorrow’s US Fed decision. The USD index ticked up. AUD outperformed due to RBA rhetoric.• RBA shift. No change in rates yesterday but there were ‘hawkish’ signals. Inflation risks have changed. February meeting looks ‘live’ for a rate hike.• US Fed. Another rate cut expected. Focus will be on the Fed’s guidance. A ‘cautious’ tone about more near-term rate reductions may see the USD lift. Global Trends Modest moves across most asset classes overnight as traders marked time ahead of tomorrow’s US Fed decision (Thurs 6am AEDT) and Chair Powell’s press conference...

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09 Dec 2025

Traders stockpile dry powder as Fed decision looms

Currency markets are drifting into Tuesday with a wary, slightly defensive tone, caught between a thin data calendar, declining volumes, and the growing sense that policy divergences are about to reshape the global landscape. Treasury yields are a touch softer after yesterday’s curve-steepening move, equity futures are pointing marginally lower, and the dollar is trading sideways against all of its major counterparts as traders brace for tomorrow’s Federal Reserve decision. This morning’s Job Openings and Labor Turnover release could provide critical insight on job market conditions. Unusually, the report—which will cover the entirety of September and October as opposed to...

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08 Dec 2025

Trading ranges narrow in run-up to Fed meeting

The dollar is edging lower against a basket of its most-traded rivals as investors focus attention on this week’s Federal Reserve meeting—and on the implications for monetary policy in 2026. Benchmark ten-year Treasury yields are parked near the 4.15-percent mark, equity futures are holding steady ahead of the North American open, and the euro, pound, and Japanese yen are all firmly rangebound amid a lack of domestic catalysts. Markets overwhelmingly expect a “hawkish cut” on Wednesday, with the statement language, dot plot projections, and Chair Powell’s words all pointing to a more gradual pace of easing in the coming months....

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07 Dec 2025

US Fed & RBA in focus this week

• Solid run. US equities rose on Friday, as did bond yields. USD index tread water. Commodity currencies (AUD, NZD, CAD) strengthened.• Central banks. No change by RBA (Tues), however tone could be ‘hawkish’. US Fed (Thurs morning) set to cut rates but may not signal another near-term move. Global Trends Markets had a relatively quiet end to last week with a string of government shutdown delayed US data points not really moving the needle. In terms of the numbers US equities edged up with the broader S&P500 (+0.2%) within striking distance of its record highs. Bond yields also rose...

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05 Dec 2025

Currencies settle in for a long winter’s nap 

Consolidative price action is taking place across financial markets this morning as risk appetite improves ahead of next week’s all-important Federal Reserve meeting. Benchmark ten-year Treasury yields are holding firm around the 4.11-percent handle, the dollar is trading sideways, and equity futures are setting for a continuation of an almost two week-long Santa Claus rally. Most major currencies are looking technically stretched against the dollar, with many trading beyond moving averages and Bollinger Band levels. The US economy is still delivering contradictory signals. Consumer sentiment, as measured by the Conference Board and the University of Michigan, continues to deteriorate even...

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