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

Subscribe

Get insight into the latest trends and developments in global currency markets with breaking news updates and research reports delivered right to your inbox.

After signing up, you will receive regular newsletters from Corpay, and may unsubscribe at any time. View Corpay’s Privacy Policy

GBP

04 Apr 2023

Rate expectations JOLTED

• Shaky sentiment. US equities and industrial metals eased back. The USD weakened, tracking the fall in US yields. EUR higher, USD/JPY lower.• US labour market turning. US JOLTS report weaker than expected. Tighter conditions are starting to work. But there is still a long way to go.• AUD underperformer. RBA pauses and waters down its guidance. RBNZ expected to hike by 25bps today, but could it also tweak its language? A more cautious tone across markets with US equities giving back some ground (S&P500 -0.6%), industrial metals easing (copper dipped ~0.9%), and US bond yields falling. US 2yr yields...

Read More Read More
04 Apr 2023

RBA: over and out

In what we think was a somewhat finely balanced decision the RBA finally ‘paused’ its rate hiking cycle at the April meeting. After raising rates aggressively since kicking things off in May 2022 (the RBA delivered a cumulative 350bps worth of hikes over the previous 10 meetings, the fastest and most abrupt tightening cycle since at least the 1980s), the RBA kept the cash rate steady at 3.6% for the second straight month. While the RBA held firm in April it has kept the door open to doing more down the track. However, further moves have become far more contingent...

Read More Read More
03 Apr 2023

The AUD’s energy price boost

• Oil spike. OPEC+ production cuts has seen oil prices lift. Oil sensitive currencies like the AUD, CAD, and NOK have outperformed.• USD lower. A weak US ISM manufacturing survey reinforced recession worries. US bond yields reversed course and this weighed on the USD.• AUD lift off. The terms of trade boost from higher energy prices has supported the AUD. RBA meets today. It is a close call, but we think the RBA will pause. A somewhat volatile start to the week for financial markets as investors digested the surprise weekend news that OPEC+ was cutting back oil production and...

Read More Read More
30 Mar 2023

Will the China PMIs surprise?

• Calm markets. Perceived financial stability risks continue to fade. Equities higher, while the USD has lost some ground.• Sticky German inflation. European yields and EUR rise as German inflation falls back less than expected. Eurozone inflation is released tonight.• AUD mixed. AUD up a little against the USD, but remains under pressure against EUR, GBP, and NZD. China PMIs due during todays Asian trade. Another night of relatively calm market conditions, as perceived financial stability risks continue to fade. Equities were higher across Europe and the US. The major indices rose by another 0.5-1.3%, though ‘hawkish’ rhetoric from several...

Read More Read More
29 Mar 2023

End of the line for the RBA?

• Positive sentiment. US and European equities higher with another night of no new news helping sentiment improve. This has weighed on the JPY.• Will it last? More macro/market aftershocks from the very aggressive hiking cycles are likely over coming months. US earnings expectations look too high.• RBA pause. AUD remains on the back foot. The step down in AU inflation has solidified the case for the RBA to hold steady at next weeks meeting. Another night of no new news on the banking front has helped sentiment continue to improve. Although the moves across the different markets have differed...

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.