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CNY

14 Mar 2023

Past the worst?

• Risk sentiment improves. Equites and bond yields bounced back overnight, but the moves in FX have been more contained.• US inflation. Core inflation remains stubbornly high. Services prices remain the key driver. This points to further Fed rate hikes and a USD rebound.• AUD data flow. China data is released today. Tomorrow, the Australian labour force report is due. Positive data may give the AUD a short-term boost. After a few turbulent days the tone across markets was more positive overnight, though reports late in the session that a Russian fighter jet collided with a US drone did see...

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14 Mar 2023

Hope Springs

Markets are staging a cautious recovery after a three-day bout of selling drove equity indices into the red and triggered some of the biggest daily interest rate declines on record. US regional bank stocks appear destined for a more constructive open, with yesterday’s indiscriminate selling giving way to a more nuanced pickup in well-capitalized names. Treasury yields are climbing off the floor, and the dollar is rising against most its major counterparts. But damage has been done. Rate expectations have been reset lower across the global economy, financial conditions have tightened sharply, and the episode has likely inflicted a psychological...

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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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