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CAD

07 Sep 2022

Market Wire: Bank of Canada Hikes As Expected, Outlines Case for Slower Tightening Ahead

The Bank of Canada lifted its benchmark rate to 3.25 percent this morning, delivering a 75 basis point hike while adjusting its language in a data-dependent direction – a shift that could signal smaller hikes in the months to come. In the statement accompanying the decision, the central bank noted a moderation in headline inflation as gasoline costs slumped in July, but pointed to elevated core measures as evidence price pressures have continued to build across the economy. Officials signalled more tightening to come, saying, “Given the outlook for inflation, the Governing Council still judges that the policy interest rate...

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07 Sep 2022

Market Briefing: Dollar Keeps Winning Reverse Beauty Contest

The dollar is continuing its untrammelled rise this morning, crushing its developed- and emerging-market peers alike as the US reprises its role as a rock in a sea of economic troubles. As Europe faces an energy shock, China slows, and falling commodity prices weigh on emerging market growth prospects, the American economy – with its voracious consumers, incredibly profitable corporate sector, and aggressively hawkish central bank – is drawing financial flows from the rest of the world, further widening performance gaps. The yen is trading near new post-1998 lows, ignoring fresh intervention warnings from the government. Chief Cabinet Secretary Hirokazu...

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06 Sep 2022

Market Briefing: Dollar Weakens as Market Mood Brightens

With a refreshing long weekend behind them and back-to-school lunchboxes (lovingly packed by their moms) sitting on their desks, traders are tiptoeing into markets in a cautiously-optimistic manner this morning. Yields are falling, futures on most major equity indices are in the green, and the dollar is weakening as risk appetite improves. The Australian dollar remains on the defensive after the Reserve Bank of Australia lifted its cash rate target by half a percentage point for the fourth consecutive time, continuing the most aggressive monetary tightening cycle in decades as it struggles to bring inflation under control. Central bankers hinted...

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02 Sep 2022

Market Briefing: Markets Stabilize as Payrolls Report Looms

Yields are flat and the dollar is holding steady after hitting multi-decade highs during yesterday’s trading session. This morning‘s non-farm payrolls report is expected to clear the way for a three-quarter-point hike at the Federal Reserve’s September meeting. Economists think the US economy generated 290,000 jobs and the unemployment rate held at around 3.5 percent in August, with the labour market proving robust amid a central bank-engineered tightening in financial conditions. Data released yesterday showed initial jobless claims, a proxy for layoffs, falling to a seasonally adjusted 232,000 last week from 237,000 the previous week. Financial markets might welcome signs...

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01 Sep 2022

Market Briefing: Goldilocks Flees as Central Bank Bears Return Home

Markets are extending losses after a protracted August selloff. Hopes for a “soft landing” are fading as central bankers systematically lift terminal rate forecasts and rhetorically demolish odds on a 2023 policy pivot – pushing monetary policy expectations firmly into economically-restrictive territory. Ten-year yields are back at early-June levels, and the two-year Treasury briefly hit 3.5 percent for the first time since 2007 yesterday. Equity futures are down, energy commodities are dropping, and the dollar is grinding higher against its major rivals. The Japanese yen is knocking on levels not seen since 1998 as rising US yields diminish its attractiveness...

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