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EUR

07 Feb 2024

Steady as she goes

• Consolidation. US equities edged higher, bond yields ticked up slightly, but the USD and other major currencies remained range bound.• Fed speak. More Fed members spoke overnight. But reaction was limited. Market interest rates have adjusted with odds of a March cut whittled down.• AUD turn? AUD tracking below our fair-value estimate. A lot of bad news looks factored in. US inflation, US retail sales, & AU jobs due next week. Fairly subdued trade in most markets overnight. Given the lack of top tier data releases this is not a surprise. In contrast to European stocks which eased slightly...

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07 Feb 2024

Sleepy Markets Prepare for Uneventful Session 

It’s quiet. Too quiet. Markets aren’t providing us with much to write about this morning: equity futures are setting up for a tame open, yields are basically flat, and most major currencies are less than 0.10 percent off yesterday’s levels. Yesterday’s round of Fedspeak was relatively hawkish. Outgoing Federal Reserve Bank of Cleveland President Loretta Mester – a voter until June – said policymakers might feel confident enough to begin easing policy “later this year,” but “It would be a mistake to move rates down too soon or too quickly without sufficient evidence that inflation is on a sustainable and...

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05 Feb 2024

Will the RBA stop the AUD’s slide?

• Fed repricing. Positive US services ISM & Fed rhetoric has seen markets continue to pare back rate cut bets. Rising US yields are supporting the USD.• RBA today. The decision & new forecasts are released at 2:30pm AEDT with Gov. Bullock holding a press conference from 3:30pm AEDT.• Push back? No policy change expected. Focus will be on the RBA’s guidance. Will it follow the BoE & US Fed by leaning against rate cut forecasts? The upswing in bond yields and the USD has continued at the start of the new week. A positive surprise in the US ISM...

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04 Feb 2024

Markets jolted by US jobs

• US jobs. A much stronger than expected US jobs report jolted markets. US yields rose. This supported the USD & pushed the AUD back to the bottom of its range.• Too good to be true? Issues with seasonal factors & weather impacts could have made a good set of numbers look great. Payback likely over time.• RBA in focus. A new year & a new format. No policy change anticipated. But Governor Bullock could follow the Fed & BoE in pushing back on rate cut bets. Another day another burst of volatility on Friday with a bumper US jobs...

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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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