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GBP

04 Oct 2023

Short-term relief or trend change?

• Market relief. Softer US ADP employment data & a lower oil price weighed on bond yields. US equities rose & the USD drifted back slightly.• AUD consolidates. The AUD has clawed back a little ground. But it remains at low levels. Since 2015 the AUD has only traded sub ~$0.63 ~1% of the time.• US data. US payrolls is the next major event (Friday AEDT). Given where things are tracking a larger (more negative) USD reaction could occur if the data disappoints. A break from the recent trend overnight with bond yields lower, equities higher, and the USD a...

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03 Oct 2023

Markets JOLTED again

• US yields higher. Positive US job openings pushed US yields higher. This helped the USD & weighed on risk sentiment. AUD slipped below ~$0.63.• USD/JPY volatility. After moving above ~150 USD/JPY tumbled. FX intervention wasn’t confirmed. The moves helped the USD stabilise.• RBA & RBNZ. No change from the RBA yesterday. RBNZ meets today with rates expected to be held steady. AUD/NZD is near levels last traded in late-May. Familiar themes and trends were on show again overnight. A stronger US JOLTS (i.e. job openings) report generated another jump up in bond yields and some further USD strength which...

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03 Oct 2023

RBA: New governor, same result

Unsurprisingly the RBA held the cash rate steady at 4.1% for the 4th straight meeting. This was the first with new Governor Bullock at the helm. But her predecessor continues to cast a long shadow. The October post meeting statement appears very similar to the last one provided by former Governor Lowe. According to the RBA the policy tightening put through is “working to establish a more sustainable balance between supply and demand in the economy”, with the decision to hold firm again in October providing “further time to assess” the impacts of the jump up in interest rates. Given...

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02 Oct 2023

Markets rise on interrupted shutdown

US markets are gaining this morning after the government reached a last-minute deal to avert a shutdown – but with the same brinksmanship likely to play out again in less than eight weeks, we’re not sure how long the momentum can last. Equity futures are rising ahead of the open, Treasury yields are pushing toward Friday’s highs, and the dollar is climbing against its major Asian and European rivals. In a surprising and confusing late-Saturday development, House Speaker Kevin McCarthy – who had for weeks refused to consider a similar bipartisan measure crafted in the Senate – agreed to table...

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27 Sep 2023

Higher Oil, stronger USD

• Oil & bonds. Oil prices have continued to rise. Inflation risks are underpinning bond yields. Relatively higher US yields have supported the USD.• AUD struggles. The stronger USD has washed through FX markets. EUR touched its lowest level since early-January. AUD hit a fresh 2023 low.• Local data. Headline inflation re-accelerated. Improvement in core inflation is slow going. Pressure on the RBA to tighten further remains. Retail sales due today. Another night of bearish sentiment with a further jump in oil prices fanning inflation fears which in turn feed through to bond yields and a stronger USD. WTI crude...

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