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CNY

07 Mar 2023

Pre-Powell Caution Fades

The dollar is back on the defensive, yields are slipping, and equity futures are climbing as market participants bet that risks associated with today’s Federal Reserve Congressional testimony are largely priced in. Commodity-linked currencies are up slightly in a modest reversal from yesterday’s China-related selloff, while safe havens like the yen and Swiss franc are seeing softer demand. The Reserve Bank of Australia raised its cash rate for a tenth consecutive time, but dropped a reference to further increases, hinting only that “further tightening” would be needed. Australian rates have climbed a cumulative 350 basis points since last May, and...

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06 Mar 2023

Currencies Stabilize As Pivotal Week Begins

Investors are bracing for a momentous week, with Jerome Powell’s Congressional testimony, three major central bank meetings, and the February non-farm payrolls report combining to set the stage for erratic price action in currency markets. The dollar is climbing, yields are ticking lower, and the euro and pound are tightly rangebound. Commodity-linked currencies sold off over the weekend as China’s leadership unveiled a more cautious growth agenda than had been expected. Work documents released during the National Party Congress outlined plans to increase state outlays and expand the budget deficit, but Beijing set its headline gross domestic product target at...

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05 Mar 2023

China disappointment

• China targets. China’s 2023 growth target was a little lower than expected. Fiscal support also looks set to be more restrained than anticipated.• Risk sentiment. Equities rose on Friday, but the China developments, and ‘hawkish’ rhetoric from Fed Chair Powell could weigh on risk appetite this week.• AUD pressure. RBA widely expected to hike another 25bps. But we think there is a risk its forward-looking rate guidance is adjusted. Market attention remains on bond markets. The uptrend in global yields paused for breath on Friday, with the US 10yr falling by ~10bps to end the week back below 4%....

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02 Mar 2023

Rates still adjusting

• Higher yields. Markets continue to adjust interest rate expectations higher with inflation pressures showing limited signs of abating.• USD rebound. The larger lift in US bond yields has boosted the USD. Equity markets are looking increasingly complacent to the macro landscape.• AUD crosscurrents. Relative interest rate differentials are a AUD headwind. But the high level of commodity prices is an underlying support. The upswing in bond yields has continued with markets coming around to the view that interest rates will need to keep moving higher and stay at very elevated levels for some time to slow growth and (hopefully)...

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