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CAD

24 Jul 2024

Tech tumble

• Negative vibes. Large fall in US equities overnight. Copper fell further. AUD & NZD remain on the backfoot. BoC cut rates again & flagged more moves.• JPY swings. JPY revival continues. AUD/JPY dropped sharply from mid-July peak. This looks to be a factor behind the AUD’s broader underperformance.• Data flow. US Q2 GDP released tonight. US PCE deflator due tomorrow. Next week Q2 AU CPI, the US Fed meeting, & US jobs report will be in focus. The pull-back in equities stepped up a notch overnight, particularly in the US where a tech-sector led sell-off dragged on the overall...

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24 Jul 2024

Bank of Canada Cuts, Signals More Easing Ahead

The Bank of Canada delivered a second consecutive rate cut this morning, and language in the accompanying communications suggested that further easing could come in the months ahead, triggering a mild sell-off in the loonie. In the official statement setting out the decision, policymakers noted that progress in reducing inflation has continued, with the Bank’s preferred measures of core inflation holding below 3 percent for several months and diffusion measures nearing historical norms. Shelter price growth remains elevated, and services costs continue to rise in the areas most affected by rising wages. Overall, the Bank expects core inflation to slow...

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24 Jul 2024

Earnings Season Drives Currency Markets

Foreign exchange rates are looking relatively stable this morning, with modest price action largely dictated by events in stock markets. Equity futures are down – putting some pressure on risk-sensitive currency pairs and raising the dollar’s safe-haven value – after Tesla, LVMH and Deutsche Bank reported disappointing earnings. Treasury yields are inching lower, but remain elevated on the back end as investors brace for continued fiscal expansion under either of the current front-runners for US president. The euro is trading near a two-week low after private sector activity decelerated more than expected in early July, suggesting that an early-year economic...

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23 Jul 2024

AUD pressure points

• Quiet times. US equities & yields consolidate. JPY’s revival continues. USD/JPY & AUD/JPY lower. Can this trend extend?• Commodity moves. Pull-back in base metal & energy prices continues. China growth concerns a driver. But copper price levels are still high.• AUD pressure. Commodity moves exerting pressure on AUD. Global PMIs due today. Bank of Canada also expected to cut rates again. The limited economic and geopolitical news flow meant it was a largely uneventful session overnight across most asset classes. US equities ended the day slightly lower (S&P500 -0.2%) with underwhelming earnings results from a couple of megacap stocks...

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22 Jul 2024

AUD losing altitude

• US politics. No major market reaction to news Pres. Biden has withdrawn from the election. US equities bounce, while yields & the USD consolidate.• AUD turbulence. AUD lost more ground. Monetary easing in China & weaker industrial metals prices have exerted downward pressure on the AUD.• Data flow. No major releases today. Tomorrow global PMIs are due & BoC is expected to cut rates. US GDP (Thurs) & PCE deflator (Fri) also looming. News US President Biden has withdrawn from the election race clearly generated a lot of media attention, but the impact on financial markets has been minimal....

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