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EUR

29 Sep 2022

Market Briefing: Markets Stabilize After Yesterday’s Whiplash-Inducing Session

Markets are calming, but remain distinctly depressed after yesterday’s extraordinarily-turbulent session. Ten-year British gilts were yielding more than 4.5 percent and their US equivalents were paying 4 percent before the Bank of England stepped in to “carry out temporary purchases” of long-term bonds, sending rates tumbling back to 4.2 and 3.7 percent, respectively. Trading in the pound remains highly volatile, with the cable interbank rate approaching 1.09 before tumbling this morning when Prime Minister Liz Truss doubled down on her government’s policies in a series of remarkably ill-informed interviews with local BBC radio stations. Asked if she would consider reversing...

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28 Sep 2022

Market Briefing: Depressed Earnings Weigh on Global Market Sentiment, Boosting Dollar

US equity futures are falling and the dollar is climbing after weak earnings releases from the likes of Amazon and Apple provided more evidence of a slowdown in the world’s largest economy. The ten-year Treasury yield is flirting with the 4-percent threshold once again, commodities are weaker, and oil price gains are stalling out. Canada’s dollar is struggling to push through the 1.35 mark. The euro is trading back below parity against the dollar after the European Central Bank delivered a widely-expected 75 basis point hike but removed statement language that had previously suggested rates would ratchet higher at the...

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28 Sep 2022

Market Briefing: Fear Grips Financial System as Dollar Climbs and Bank of England Intervenes

With American policymakers issuing this generation’s version of former Treasury Secretary John Connally’s 1971 “the dollar is our currency, but it’s your problem” speech, a surging greenback is crushing all of its major rivals and triggering turmoil across the global financial system. Speaking with reporters yesterday, Treasury Secretary Janet Yellen said “with the United States moving faster than many other countries, we’re seeing upward pressure on the dollar and downward pressure on many other foreign currencies,” and “these kinds of developments — which represent a tightening in financial conditions — are part of what’s involved in addressing inflation”. White House...

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27 Sep 2022

Market Briefing: Dollar Weakens as Markets Pause for Breath

The dollar is retreating and North American equity bourses are setting up for a stronger open as the sense of fear that gripped markets over the weekend begins to ebb. The pound is climbing after gaining more than a full percentage point overnight as it recovers from a two-day selloff that triggered memories of 1992’s Black Wednesday. The plunge began when new chancellor Kwasi Kwarteng on Friday proposed pairing billions of pounds in energy subsidies with the biggest package of tax cuts in decades. Nerves are still frayed, but gilt yields are falling as panic fades and traders consider the...

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26 Sep 2022

Market Briefing: Cable Snaps, Destabilizing Currency Markets

The pound sank like a dinghy in the North Atlantic over the weekend, hitting record lows against the greenback and contributing to a worsening in sentiment across the global financial system. In several interviews, Chancellor of the Exchequer Kwasi Kwarteng seemed to shrug off Friday’s devastating market reaction to the new UK government’s proposed fiscal plans and doubled down on tax cuts, saying there was “more to come”. The sterling-dollar pair — often known as the “cable” — briefly dropped almost 4.7 percent before staging a modest recovery as traders positioned for a response from the central bank. Calls for...

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