Explore the world.

Assess underlying market conditions and fundamentals in the world's major economies.

World
Global
Americas
United States
Canada
Mexico
Europe
Euro Area
United Kingdom
Asia Pacific
China
Japan
Australia

Stay ahead.

Follow the biggest stories in markets and economics in real time.

Analysis
Blog
Views
Calendar

E
U
R

27 Jul 2023

Dollar pushes higher on US exceptionalism in growth and rates

The euro is weakening against the dollar after the European Central Bank executed an (arguably) dovish rate hike and updated numbers showed the US economy growing more quickly than expected in the second quarter. High-beta currencies like the Australian and Canadian dollars and the Mexican peso are up, while other risk proxies – like the VIX equity “fear index” and the Merrill Lynch Option Volatility Estimate (MOVE) bond market measure – are trending down as markets buy into a “Goldilocks” scenario for the economy, with growth remaining relatively robust even as inflation pressures subside.   North America The US economy expanded...

Read More Read More
26 Jul 2023

Data dependent Fed, lower Australian CPI

• Fed hike. Another rate rise from the US Fed. But it remains data dependent when it comes to future moves. USD a bit softer, tracking a slight dip in US yields.• AUD weaker. AUD underperforms after Q2 CPI undershot predictions. In response markets have reduced RBA rate hike expectations.• AUD events. ECB meeting, US GDP & jobless claims tonight. Australian retail sales & BoJ announcement tomorrow. RBA next week. The US Fed decision and Chair Powell’s press conference were in focus overnight. As widely expected, the US Fed hiked interest rates by another 25bps, taking the target range up...

Read More Read More
26 Jul 2023

Price action slows ahead of Fed decision

Markets are looking essentially directionless as traders batten the hatches ahead of this afternoon’s Federal Reserve decision. The dollar is seeing some selling, but is holding near a two-week trade-weighted high against high-beta currencies and the euro, equity futures are mixed, and Treasuries are broadly flat.    North America Today’s biggest macroeconomic event will occur around 1:30 this afternoon, when the Bank of Canada is scheduled to release a summary of deliberations from its early July meeting. I kid: most market participants (including myself) will likely be too busy shotgunning espresso ahead of the Fed decision to pay it much heed – and Governor...

Read More Read More
24 Jul 2023

Diverging growth trends

• European growth. EUR lower after Eurozone PMIs underwhelm. The shift in relative yield differentials supported the USD.• China Politburo. The leadership acknowledged the “difficulties”, & while it signaled it may inject fresh stimulus, no concrete measures were unveiled.• AUD events. Australia Q2 CPI due tomorrow, with the US Fed rate announcement & Chair Powell’s press conference on Thursday morning. Mixed performance across markets overnight, with divergence in the US and European business PMI data in focus. The impact of the rapid-fire policy tightening is bubbling to the surface. In Europe, falls in the PMI suggest growth momentum has slowed...

Read More Read More
24 Jul 2023

Euro tumbles on weaker private-sector outlook, rate differentials tilt back toward the dollar

It won’t have the self-aware irony of Oppenheimer or the apocalyptic scenes of the Barbie movie, but the week ahead should provide plenty of entertainment for currency market participants. The Federal Reserve and European Central Bank are each expected to raise rates by a quarter point and the Bank of Japan is seen holding pat, but markets could move dramatically if policymakers deliver consensus-busting guidance on their future intentions. The dollar is building on last week’s gains relative to its biggest rivals after a raft of European purchasing manager indices provided clear evidence of a profound slowdown, and global yields are coming...

Read More Read More

About

Contact

Data and information on this website is provided “as is” and for informational purposes only. Information on the website does not bind Corpay in any way; nor is it not intended as advice, a recommendation or an offer or solicitation for the purchase or sale of any financial products. Data and other information are not warranted as to completeness or accuracy and are subject to change without notice. All charts or graphs are from publicly available sources, or our proprietary data. Nothing in this material should be construed as investment, financial, tax, legal, accounting, regulatory or other advice or as creating a fiduciary relationship. Corpay disclaims any responsibility or liability to the fullest extent permitted by applicable law, for any loss or damage arising from any reliance on our use of the data in any way. You should contact your Corpay sales representative for clarification on the range of financial instruments available in your jurisdiction. Copyright Cambridge Mercantile Corp. 2022.