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EUR

25 Jan 2024

Markets Mark Time Into US Growth Print

Markets are treading water ahead of US fourth-quarter growth data. Ten-year Treasury yields are holding near 4.16 percent , the dollar is almost unchanged, and key commodity prices – including the major oil benchmarks – are up slightly. Equity markets – key to the dollar’s outperformance over the last year – are setting up for a weaker open after Tesla Inc. missed earnings guidance and said it would grow more slowly this year. Surprising no one monitoring trade flows, Elon Musk warned that Chinese competitors would “demolish” Western automakers without the imposition of protectionist policies on the industry. The Canadian...

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24 Jan 2024

China pulls another policy lever

• Positive tone. Equities & commodities higher. US bond yields rose. EUR, GBP & NZD firmer while the AUD has range traded over the past 24hrs.• China & tax cuts. Policymakers in China cut the RRR. Locally, changes to stage 3 tax cuts could see more relief flow to low/middle income earners.• ECB & US GDP. No change expected from the ECB. But will it push back on rate cut pricing? US GDP should confirm another solid quarter of growth. A generally positive mood across markets overnight. Equities rose with the S&P500 (+0.2%) touching a new record high. The EuroStoxx50...

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24 Jan 2024

Chinese Relief Efforts Boost Sentiment 

An escalation in Chinese stimulus efforts is helping boost global asset prices this morning, driving equity indices, commodity prices, and risk-sensitive currencies higher ahead of the North American open. The greenback is weaker, Treasury yields are slipping, and oil prices are holding steady in still-oversupplied markets. In an unexpected step, the People’s Bank of China announced it would lower the amount of reserves banks need to hold against their deposits for the third time in a year, potentially unlocking roughly 1 trillion yuan in new lending capacity. The move, which comes after a raft of securities purchases by China’s “national...

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23 Jan 2024

More policy support in China?

• Mixed markets. US equities a little higher, with long-end bond yields also rising. USD firmer against EUR & GBP. AUD consolidated near ~$0.6580.• China stimulus. Reports of measures aimed at supporting equities gave Chinese stocks & CNH a shot in the arm. BoJ holds steady but gave a ‘hawkish’ hint.• NZ CPI. Headline NZ inflation slowed as expected, but domestic inflation remains sticky. AUD/NZD dipped post this mornings NZ CPI release. A varied performance across markets over the past day, though most moves have been modest. US equities ended the day higher. The S&P500 (+0.3%) is just shy of...

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23 Jan 2024

Market Moves Run Out of Oomph

After a strong start to the year, rallies in US equity markets and the dollar appear to be nearing exhaustion this morning. S&P 500 futures are pointing to a flat open and the greenback is inching higher on a stabilization in ten-year Treasury yields above the 4.1-percent threshold. The Canadian dollar is drifting lower as traders brace for a cautiously-dovish central bank decision tomorrow. The Japanese yen is modestly stronger after the Bank of Japan left policy settings intact yet signalled a move out of negative rates territory was still in the offing. Policymakers left the short-term benchmark rate at...

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