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CAD

14 Nov 2022

Market Briefing: Dollar inches upward after a bruising week

Investors betting on policy “pivots” from the US Federal Reserve and the Chinese government are trimming their bets this morning, helping the dollar recover some ground against its major-currency rivals. Treasury yields are up slightly, and oil prices are weakening as last week’s ebullience fades in the face of a still-subdued economic outlook. The dollar suffered its biggest decline since the global financial crisis last week after the latest consumer price index report showed inflation pressures subsiding more quickly than expected. Yields on two- and 10-year Treasury instruments plunged as investors lowered terminal rate forecasts, expecting the Fed to respond...

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10 Nov 2022

Market Briefing: Currency traders brace for October inflation report

Markets are generally flat ahead of this morning’s inflation data. Investors are expecting to see more evidence of an easing in pressures, but are also prepared to sell assets if prices rise by more than anticipated. The headline consumer price index is expected to rise 0.6 percent month-over-month in October, up 7.9 percent year-over-year. With food and energy excluded, the core measure is seen rising 0.5 percent and 6.5 percent. The pace of price changes has decelerated in recent months, but inflation remains near four-decade highs, well above the Federal Reserve’s target range. Despite a small recovery this morning, the...

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08 Nov 2022

Market Briefing: Currency markets enter pre-midterm lull

US equity indices are pointing to marginal gains and the dollar is holding steady ahead of today’s midterm elections and a critical October inflation report later in the week. The euro is clinging to parity, the pound is tightly rangebound, and the yen is inching higher as we go to pixels. Both global oil benchmarks are up more than 3 percent on the day, with Brent challenging the $100 mark as seasonal imbalances interact with Russian sanctions and OPEC+ production cuts to drive prices higher. Overall global demand has weakened by more than expected in recent months, but inventories are...

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07 Nov 2022

Market Briefing: Currencies turn more buoyant in the calm after the storm

Financial markets are adding risk after last week’s unusually-eventful week for macroeconomic developments. Equity futures are climbing, bond yields are holding steady, and the dollar is losing altitude as expectations for Federal Reserve policy begin to stabilize in response to Chair Jerome Powell’s “slower-but-higher” message at Wednesday’s meeting, and after Friday’s stronger-than-expected employment data. After Jerome Powell warned markets not to expect a pause in the months to come, investors expect the Federal Reserve to deliver another half-percentage-point hike in December, with the upper end of the Fed Funds target range climbing to 5.25 percent by mid-2023. The offshore Chinese...

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31 Oct 2022

Market Briefing: Traders Turn Cautious Ahead of Action-Packed Week

The greenback is climbing and the risk-sensitive Canadian dollar is slipping ahead of a week that could prove pivotal in currency markets. Central banks in Australia, the US and the UK will deliver rate decisions and a slew of data releases including non-farm payrolls will be published in the coming days, helping to set market positioning into year end. Traders are buying the Brazilian real after former president Lula da Silva triumphed over Jair Bolsonaro in a closely-fought election. The currency had traded with a persistent risk discount in recent months as Mr. Bolsonaro cast aspersions on the electoral process,...

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