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CAD

14 Jun 2024

Euro Crisis Flashbacks Hit Markets

Traders are in sell-first, ask-questions-later mode and the euro is coming under sustained pressure as negative rhetoric surrounding the upcoming French election heats up. The dollar and yen are climbing on safe-haven demand, Treasury yields are inching lower, and North American equity futures are looking subdued ahead of what could evolve into a risk-off day in broader financial markets. Franco-German bond spreads are blowing out after French finance minister Bruno le Maire warned a victory for left wing parties in the upcoming snap election could see the country exiting the European Union, triggering “economic collapse” and a “guaranteed downgrade” from...

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13 Jun 2024

Market Calm Returns

Financial markets are stabilising this morning as investors process the implications of yesterday’s soft US inflation print and more hawkish-than-expected Fed decision. The dollar is moving sideways along with the pound and euro, Treasury yields are slipping, and North American equity futures are setting up for a mixed trading day. The May inflation report was unquestionably positive, consistent with rate cuts beginning in the autumn months. Headline and core consumer price indices increased by less than expected, with declining energy prices putting downward pressure on the all-items measure while a sharp decline in car insurance premiums offset still-stubborn shelter costs....

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12 Jun 2024

Markets Settle Into Wait-and-See Mode

The dollar continues to grind higher as traders stick to safe positions ahead of today’s inflation print and Federal Reserve decision. Equity futures are essentially flat, commodity prices are inching lower, and most major currency pairs are treading water. This morning’s consumer inflation report is expected to show price growth cooling, giving Fed officials a modicum of reassurance as they plot a more cautious easing cycle ahead. Economists polled by the major data providers expect headline inflation to have risen 0.1 percent in May, slower than the 0.3 percent pace in the month before, with the core measure holding at...

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11 Jun 2024

US CPI & Fed in focus

• Data & politics. European political concerns have weighed on the EUR. This & positive US jobs data at the end of last week have supported the USD.• US events. US CPI & Fed meeting in focus tonight. US core inflation forecast to slow & while the Fed should project few cuts this may already be priced in.• AUD cross-currents. European issues have boosted AUD/EUR. Positive US CPI signs & the Fed failing to exceed ‘hawkish’ expectations may help AUD. Economic and political developments in the US and Europe have shaken up markets over the past few sessions. The better-than-expected...

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11 Jun 2024

Safe Haven Demand Rises

The dollar is advancing for a fourth session and Treasury yields are coming under pressure as uncertainty surrounding European political upheaval intersects with broader concerns over US policy direction heading into tomorrow’s inflation data and Federal Reserve meeting. North American equity futures are setting up for a weaker session and risk-proxy currencies like the Canadian dollar are drifting lower. The British pound is trading with a weaker bias after a softer-than-expected labour report helped firm odds on an easing in monetary policy by the autumn. According to the Office for National Statistics, unemployment climbed to a two-and-a-half year high at...

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