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CAD

24 Jan 2023

Dollar Selling Abates as Policy Decisions Loom

The greenback is bleeding less profusely this morning as traders cut risk ahead of next week’s Federal Reserve, Bank of England, and European Central Bank meetings. Equity futures are weaker, Treasury yields are down, and the Japanese yen is the only major currency posting gains relative to the dollar for the session. European recession risks eased somewhat in January as the S&P Global flash composite Purchasing Managers’ Index rose to 50.2, breaking back above the 50 threshold that separates expansion from contraction. A warmer-than-expected winter, improving supply chain conditions, and large amounts of fiscal stimulus have helped the bloc’s largest...

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23 Jan 2023

Year of the Rabbit Delivers a Thumping to the Greenback

The dollar is tumbling this morning as a narrowing in expected growth differentials between the United States and other major economies spurs outward capital flows. After a number of Federal Reserve officials laid out the case for a slower pace of rate hikes and a series of data releases showed softness emerging in American industrial production and consumer consumption levels, investors are piling into bets on the euro, yen, and commodity-exporting emerging markets. Speculators are net short the dollar on a scale not seen since the middle of 2021 – just before the last historic rally got underway. Make of...

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20 Jan 2023

Markets Pause for Breath

Markets are eking out a modest recovery after a three-day paroxysm of selling that saw traditional safe haven currencies gain against their risk-sensitive rivals. North American equity futures are inching toward a positive open, Treasury yields are flat, and the dollar is stable. The pound and euro are trapped in listless trading ranges, with no obvious catalysts for movement on the calendar. Recession fears appear to be overtaking monetary tightening expectations in driving market behaviour once again, but yesterday’s newsflow remained broadly supportive of higher rates. Weekly unemployment claims unexpectedly fell, dropping by 15,000 to 190,000, homebuilding activity fell, but...

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19 Jan 2023

Markets Hold Losses as “Bad News is Bad News” Dynamic Returns

Risk appetite remains weaker across the financial markets this morning after a slew of data releases pointed to a slowdown in the world’s largest economy. Equity futures are setting up for more selling at the open, commodity prices are down, and ten-year Treasury yields are back to levels last hit in September. The Canadian dollar is experiencing a bout of round-number bias, clinging to the 1.35 mark after dropping nearly a cent during yesterday’s trading session. According to the latest numbers published yesterday, US retail sales fell a seasonally-adjusted 1.1 percent in December from the prior month, and were revised...

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18 Jan 2023

Much Ado About Nothing Sends Yen Tumbling

Currency markets are settling into new trading ranges after the Bank of Japan defied pressure to change its policy settings, and ahead of data that could shed light on the strength of underlying consumer demand in the world’s largest economy. The greenback is slightly weaker on the day, and is down more than 10 percent from its late-September highs. The yen dropped almost 2 percent last night after the Bank of Japan said it would leave its yield curve control policy unchanged, surprising a small contingent of market participants who were betting on another increase in the target band. Policymakers...

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