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CAD

Dollar Slips and Markets Rip Higher As Soft US Inflation Data Bolsters Rate Cut Bets

The US dollar is trading with a modestly weaker bias after fresh evidence that price pressures are moderating in the world’s largest economy reinforced expectations that the Federal Reserve could begin cutting interest rates as early as October. Underlying inflation eased by more than expected last month. Data released by the Bureau of Labor Statistics this morning showed core consumer prices, which exclude food and energy, climbing just 0.1 percent in May from a month earlier, slowing from the 0.2-percent pace recorded in April, and undershooting market expectations for a steady print. Core prices rose 2.8 percent on a year-over-year...

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Currencies Calm Even As Pound Slumps On Labour Market Cooling

The greenback is edging higher against most of its advanced-economy counterparts, but traders remain cautious as they await tomorrow’s inflation release, Thursday’s long-dated Treasury auction, and any substantive breakthroughs in US-China trade negotiations. North American equity futures are little changed, yields are inching lower, and all major currency pairs – other than those involving the British pound – are stuck within incredibly-tight trading ranges as the data calendar slows and the Federal Reserve’s blackout period remains in effect, leaving markets to trade on shifts in broader sentiment. The pound is the lone exception to the sense of calm* after selling...

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Slow & steady

• Quiet start. US equities rose a bit overnight, while US bond yields & the USD eased. AUD & NZD near top of their respective multi-month ranges.• Macro trends. US jobs report released last Friday. Topline figures mask weakness under the hood. Indicators point to softer trends forming.• Event Radar. US/China trade talks taking place. In the US, inflation is a focus (Weds). Will the US CPI show tariff impacts on ‘goods’ prices? Global Trends It has been a quiet start to the new week across markets. US equities ended the overnight session a bit higher (S&P500 +0.1%), while US...

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Data Cadence Slows, But Bond Auctions Represent Clear and Present Danger

The US dollar is trading with a softer tone this morning, slipping against all of its major counterparts as it relinquishes gains made on the heels of Friday’s robust jobs report. Ten-year Treasury yields are retreating from the 4.5-percent mark before a heavy slate of bond auctions, equity futures are holding steady ahead of the North American open, and implied volatility in currency markets is subsiding toward historical averages as the pace of top-tier data releases slows and investor risk appetite shows tentative signs of improvement. Friday’s nonfarm payrolls report reduced pressure on the Federal Reserve to cut interest rates....

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US Job Creation Holds Firm, Driving Dollar Higher

The US job creation engine maintained its modest momentum last month, keeping the Federal Reserve sidelined for now. According to the Bureau of Labor Statistics, 139,000 jobs were added in May – representing an overshoot relative to the 125,000-consensus forecast – and the unemployment rate held at 4.2 percent, as expected. Average hourly earnings climbed 3.9 percent, pointing to relative resilience in aggregate household incomes. However, the previous two months were revised lower by a cumulative 95,000 positions, and the manufacturing sector shed 8,000 jobs. Benchmark ten-year Treasury yields are climbing as rate cut expectations are pushed further into the...

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