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CAD

08 May 2024

Fedspeak Propels Dollar Higher

Treasury yields and the dollar jumped by the most in a week during yesterday’s session when Minneapolis Fed President Neel Kashkari said he expected the central bank to keep rates elevated for an “extended period of time” as it waits for price growth to slow on a sustained basis. Speaking at the Milken Institute Global Conference, he warned “If inflation starts to tick back down or we saw some marked weakening in the labour market then that might cause us to cut back on interest rates’” but “If we get convinced eventually that inflation is embedded or entrenched now at...

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06 May 2024

Dollar Momentum Fades As Rate Cuts Return

The dollar is beginning the new week on a defensive footing after Friday’s non-farm payrolls print helped resuscitate hopes for rate cuts from the Federal Reserve. Treasury yields are flat, North American equity bourses are pointing to a supportive open, and currency markets are seeing a second day of broad-based risk-taking. The April jobs report showed labour market conditions easing, but remaining extremely tight. Employers added 175,000 positions, down from an upwardly-revised 315,000-job print in the prior month. The unemployment rate rose an almost indiscernible 0.03 percent, climbing from 3.83 to 3.86 percent, and marking the 27th consecutive month below...

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05 May 2024

Softer US data pressures the USD

• Positive vibes. A weaker US jobs report & ISM services data exerted more pressure on US yields & the USD. The AUD’s revival continued.• RBA meeting. Australian interest rate pricing has adjusted higher. But has it gone too far? The RBA may not match ‘hawkish’ market expectations.• Event radar. Locally the RBA (Tues) is the main event. Offshore, the Bank of England meets. In the US several Fed members are due to speak. The positive market mood stemming from the less ‘hawkish’ than feared US Fed meeting continued on Friday. Softer US jobs and services ISM data supported the...

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03 May 2024

Risk Appetite Improves as US Payrolls Report Looms

The US dollar is cruising into a third day of losses and Treasury yields are softening even as investors brace for what is expected to be another strong payrolls report. North American equity futures are rallying ahead of the open after Apple reported stronger-than-expected earnings and provided a more optimistic sales forecast, and risk-sensitive currencies like the Canadian dollar are advancing off very low levels. Economist estimates going into this morning’s non-farm payrolls number are widely dispersed, ranging from a 150,000-position gain on the low end to 280,000 on the high end, with the median landing near the 240,000 mark....

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01 May 2024

Soaring US Yields Set Stage for Fed’s ‘Hawkish Hold’

The dollar is trading near a five-month high after data showed US wage growth accelerating, further reducing market odds on rate cuts this year. Yesterday’s update in the Federal Reserve’s preferred measure of wage growth saw the Employment Cost Index accelerate to the fastest pace in a year, adding to last week’s inflation data in forcing markets to question whether the central bank will be able to lower interest rates from what it currently sees as restrictive levels. Two-year Treasury yields are holding above the 5 percent threshold and traders are now pricing in just a single rate cut in...

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