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EUR

18 Nov 2022

Market Briefing: Risk appetite improves as Fed jawboning efforts help stabilize rate expectations

The dollar is slipping and risk sensitive exchange rates are recovering this morning as risk appetite improves after yesterday’s hawkish comments from Fed officials. Mr. Bullard, notoriously hawkish, but not a voting member of the Federal Open Market Committee next year, said rates might have to climb above 5.25 percent as previous increases have “had only limited effects on observed inflation”. Neel Kashkari – once one of the most dovish Fed policymakers – walked a similar path later in the day, saying “we cannot be overly persuaded by one month’s data”, helping to push back against the wholesale loosening in...

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16 Nov 2022

Market Briefing: Currency market rebalancing continues as inflation fears ebb

Equity bourses are setting up for another day of gains and the dollar is continuing its retreat after data out yesterday morning showed US producer price increases slowing in October for a second month, adding to evidence of an easing in inflation pressures. Yields are essentially unchanged and risk appetite remains robust across the foreign exchange markets, with commodity-linked and high-beta currencies eking out small gains as the big European units recover from months of selling. The euro has regained its poise after selling off when a rocket hit a village in Poland, raising the risk of an escalation in...

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15 Nov 2022

Market Briefing: Kumbaya-that-dare-not-speak-its-name lifts financial markets

Signs of a thaw in US-China relations and more evidence of a dovish shift in the Federal Reserve’s messaging on rates are giving currency markets an opportunity to trade against the US dollar this morning. Equity futures are setting up for a strong open, yields are down, and commodities are gaining across the board. The greenback is down against most of its major counterparts after US president Joe Biden and Chinese general secretary Xi Jinping agreed to resume cooperation on a number of fronts, helping to reduce pressure on the yuan and weaken safe haven demand for the dollar. After...

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07 Nov 2022

Market Briefing: Currencies turn more buoyant in the calm after the storm

Financial markets are adding risk after last week’s unusually-eventful week for macroeconomic developments. Equity futures are climbing, bond yields are holding steady, and the dollar is losing altitude as expectations for Federal Reserve policy begin to stabilize in response to Chair Jerome Powell’s “slower-but-higher” message at Wednesday’s meeting, and after Friday’s stronger-than-expected employment data. After Jerome Powell warned markets not to expect a pause in the months to come, investors expect the Federal Reserve to deliver another half-percentage-point hike in December, with the upper end of the Fed Funds target range climbing to 5.25 percent by mid-2023. The offshore Chinese...

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01 Nov 2022

Market Briefing: Markets Make Valiant Attempt at Rallying Into Fed Decision

Global equities, commodities, and risk-sensitive currencies are rallying this morning as rumours of an easing in China’s “covid-zero” policy spread across social media – but gains look vulnerable as official sources strenuously deny any changes are afoot. The DXY dollar index is down almost 0.6 percent and the yen – strongly correlated with the S&P 500 – is up sharply as North American traders hit their desks, suggesting that markets are setting up for a Santa Claus rally even as the outcome of tomorrow’s Federal Reserve decision remains uncertain. The 10-year Treasury yield has slipped well below the 4 percent...

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