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CAD

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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10 Jan 2023

Markets Go Eerily Quiet As Data Calendar Calms

Currency markets are treading water this morning, with most majors turning in a mixed performance against the dollar ahead of Thursday’s all-important US inflation print. Treasury yields are moving in almost-imperceptible ranges, equity bourses are mostly flat, and the commodities complex is advancing incrementally as the session proceeds. The Canadian dollar is holding steady, but appears to be building a foothold that could support gains later in the week if US price growth subsides in line with expectations. Japan’s yen is trading on a more solid footing after Tokyo consumer prices jumped 4 percent year-over-year in December, topping market forecasts...

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09 Jan 2023

Bulls Stay in the Ascendant after ‘Goldilocks’ Jobs Report

Financial markets are very happy with their porridge this morning. Equities are up, yields are soft, and the dollar is trading near a seven-month low. Friday’s just-right non-farm payrolls report, in which unemployment fell and wage gains were surprisingly muted, had a profound impact on investor psychology, convincing many that the Federal Reserve’s much-vaunted “soft landing” scenario is being borne out in the data. The jobs numbers look incredibly positive: 223,000 positions were added in December, the unemployment rate fell back to a 53-year low at 3.5 percent, and revisions showed average hourly earnings growth subsiding to 4.1 percent year-over-year....

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06 Jan 2023

Strong jobs reports bolster rate bets

223,000 jobs were created in the United States last month, and the unemployment rate fell further – giving the Federal Reserve further motivation to raise rates. According to data released by the Bureau of Labor Statistics this morning, the unemployment rate dropped to 3.5 percent in December, and the participation rate moved up to 62.3 percent from 62.1 in the prior month, indicating that some workers are coming off the sidelines. Average hourly earnings rose 4.6 percent year-over-year, slower than expected, but still well beyond levels that would suggest inflation pressures have receded. Ahead of the release, investors were positioned...

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