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CAD

05 Feb 2024

Dollar Steamrolls Higher on Crumbling Rate Cut Bets 

Currency markets are retreating in the face of yet another dollar onslaught after Jerome Powell again warned markets not to expect a rate cut at the Federal Reserve’s March meeting, adding to Friday’s hotter-than-expected non-farm payrolls report in driving yields higher. Ten-year Treasury yields jumped almost 7 basis points higher and odds on a May rate cut fell to 70 percent when Chair Powell doubled down on comments made during last week’s post-decision press conference in an interview with CBS News ‘60 Minutes’ programme. In the appearance, aired last night, Powell warned that it was unlikely officials would reach the...

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02 Feb 2024

Dollar Trades Heavy Into Non-Farm Payrolls

Treasury yields and the dollar are slipping, with this morning’s non-farm payrolls report expected to show the job market slowing in January – clearing the way for more easing talk from Federal Reserve officials. Brace for whiplash price action. Statistical and weather-related factors could trigger a dramatic miss in the headline number, with the range of analyst estimates looking unusually wide – from 150,000 to 290,000 – and Bloomberg pointing out that a negative print is within the realm of possibility. Benchmark and population revisions could meaningfully lower trend rates, even if the underlying job market remains relatively stable. Traders...

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01 Feb 2024

Markets Tiptoe Higher After Yesterday’s Bruising Session

The dollar is trading on a firmer footing and Treasury yields are steadying this morning after risk-sensitive asset classes suffered the worst losses in four months yesterday. The pound is coming off its lows after the Bank of England held rates steady for a fourth consecutive meeting and the nine-member Monetary Policy Committee split into three different blocs, with two members voting for additional hikes, while one member cast the first vote for a rate cut since the pandemic. The hawks: Jonathan Haskel and Catherine Mann, warned that rising household incomes and tight labour markets could translate into more durable...

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31 Jan 2024

Traders Turn Cautious Amid Event Risk Onslaught

Markets are beginning to wake from their long slumber. With month-end flows, the Treasury’s Quarterly Rebalancing announcement, the Employment Cost Index, and a Federal Reserve decision in the docket for the day ahead, equity futures are setting up for a softer open, Treasury yields are down, and the dollar is up – classic signs of risk aversion. China’s manufacturing sector remained mired in a downturn in January, suggesting that half-hearted government stimulus efforts are failing to generate enough domestic demand to offset weaker export markets. The National Bureau of Statistics’ official manufacturing purchasing manager index rose slightly to 49.2 in...

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30 Jan 2024

Treasury Funding Rally Fades as Event Risks Loom

Sentiment is stabilizing in financial markets after a late-Monday surge that saw equity indices jump, Treasury yields fall, and risk-sensitive currencies outperform the dollar. The rally was touched off when the US Treasury said it would need to borrow less than previously anticipated, essentially soaking up less market liquidity than had been feared. According to an updated estimate, marketable borrowing should total $760 billion in the first quarter, unexpectedly undershooting the $816 billion projected at the end of October amid higher-than-anticipated starting cash balances and an improvement in “net fiscal flows” (likely higher tax revenues). Investors remain wary however –...

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