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GBP

05 Aug 2022

Market Briefing: Markets Hit Snooze Ahead of Non-Farm Payrolls

Traders have set their alarm clocks a little later this morning, with most asset classes set to snore loudly until 8:30 am when the July non-farm payrolls report is released. Equity indices are flat on their backs, the commodities complex is sleeping in the fetal position, Treasury yields and the dollar are nestled under the covers, and most major currency pairs are spooning comfortably. This morning’s jobs number could be vital in setting near-term market direction. Investors expect the July non-farm payrolls report to function a little like Goldilocks’ porridge: If it is too hot, with more than 300,000 jobs...

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04 Aug 2022

Market Briefing: Currency Volatility Subsides as Liquidity Conditions Erode

Currency markets are caught in the August doldrums this morning, with most major exchange rate pairs stuck in windless ranges as traders head out on summer vacations. Yields are flat and the dollar is moving almost imperceptibly as hawkish Federal Reserve officials engage in a tug of war with fearful investors, and risk-sensitive currencies are largely becalmed. Falling US gasoline demand is weighing on global crude benchmarks. Data released by the Energy Information Administration yesterday showed the four-week average of gasoline consumption had fallen 1 million barrels below pre-Covid levels for this time of year. West Texas Intermediate is trading...

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03 Aug 2022

Market Briefing: Risk Appetites Return Even as Odds on Fed “Pivot” Fall

Implied volatility is falling and risk-sensitive currencies are recovering after US House Speaker Nancy Pelosi’s aircraft exited Taiwanese airspace without triggering a military response from China. Commodities are firmer, equity indices are marching higher, and safe haven currencies – the dollar, yen, and Swiss franc – are back on the defensive as traders position ahead of what is expected to be a strong non-farm payrolls report on Friday. Yields shot upward yesterday, staging the fourth-biggest rally in five years as a series of Federal Reserve officials pushed back against markets’ overly-dovish interpretation of last week’s decision. San Francisco president Mary...

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