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CAD

01 Oct 2024

Middle East tensions rock the boat

• Geopolitics. Developments in the Middle East dampened sentiment. Equities & bond yields declined. USD a little firmer. AUD modestly lower.• Oil & vol. Brent crude prices increased, but now look to be tracking inline with fundamentals. Measures of volatility also not showing much stress.• NZD weaker. NZD fell, AUD/NZD rose. NZIER Survey showed price pressures are cooling fast raising the odds the RBNZ cuts rates by 50bps. Geopolitics trumped economics overnight with escalating tensions in the Middle East generating a bout of risk aversion. Iran launched a barrage of missiles at Israel, a few hours after the US had...

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30 Sep 2024

US Fed remains data dependent

• China focus. The surge in China’s equity market continued yesterday. Iron ore prices also higher. This helped the AUD add to recent gains.• Fed Chair. US yields & the USD clawed back some ground in overnight trade after Chair Powell tempered expectations about outsized rate cuts.• Data driven. US Fed is data driven. Interest rate expectations & USD will be sensitive to whether US data is stronger or weaker than predicted. Mixed fortunes across markets at the start of the new week. On the one hand the upswing in China’s equity market on the back of the stimulus push...

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27 Sep 2024

US Inflation Subsides and Canadian Economy Flatlines

The Federal Reserve’s preferred inflation measure continued its moderation in August and personal spending missed expectations, helping bolster bets on a second consecutive oversized rate cut at the central bank’s November meeting. Data released by the Bureau of Economic Analysis this morning showed the core personal consumption expenditures index rising 0.1 percent from the prior month, undershooting market forecasts for a 0.2 percent increase. On a year-over-year basis, core price growth rose to 2.7 percent, aligning with economist estimates as base effects shifted comparisons. The overall personal consumption expenditures index also rose 0.1 percent relative to the prior month, and...

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27 Sep 2024

Currency Markets Trade Mixed as Optimism Grows

The mean-reversion process that began in foreign exchange markets this summer is continuing this morning, with the dollar trading flat and other majors reversing early-year moves. A steady drumbeat of economic stimulus announcements from China is interacting with growing bets on rate cuts from the Federal Reserve, European Central Bank and other central banks to support global risk appetite, pouring rocket fuel into equity markets and risk-sensitive currency pairs, while driving implied volatility levels lower. Inflation in France and Spain decelerated more dramatically in September than had been expected, reinforcing market bets on more easing coming at the European Central...

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26 Sep 2024

Ebullience Returns

A sense of optimism is powering financial markets forward this morning, with China promising more economic stimulus, a raft of Federal Reserve speakers likely to deliver relatively-dovish messages in the hours to come, and reports suggesting that Saudi Arabia is preparing to increase oil production. Treasuries are flat, equity futures are pointing higher ahead of the North American open, and the dollar is retreating against its major counterparts, with the euro, pound, and Canadian dollar all eking out half-percentage point gains relative to yesterday’s close. In a highly unusual September announcement, the Chinese politburo said it would mobilise “necessary fiscal...

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