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GBP

06 Oct 2022

Market Briefing: Trading Ranges Shrink Ahead of Non-Farms

Equity futures are weaker and currency market trading volumes are down as investors contemplate higher inflation risks – while bracing for tomorrow’s non-farm payrolls report. Oil prices are stabilizing around higher levels after gaining sharply in the last week. The North American benchmark, West Texas Intermediate, is trading for $87 a barrel while its global equivalent, Brent, is holding near $93 after the OPEC+ group of producing countries agreed to cut output by a larger-than-expected 2 million barrels a day. Because most members are already failing to meet targets, the number of barrels removed is likely to be far smaller,...

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03 Oct 2022

Market Briefing: Markets Tiptoe Into October

With traders and investors suffering from a kind of post-traumatic stress syndrome after a brutal September, markets are cautiously edging higher this morning. North American equity indices are pointing to a stronger open, commodity benchmarks are finding their feet, and economically-sensitive currencies like the Canadian dollar are climbing back from Friday’s selloff. The dollar is slightly softer, but remains strong after the Federal Reserve’s favoured inflation measure showed no evidence of deceleration. According to data released on Friday, the core personal consumption expenditures deflator climbed 0.6 percent in August, suggesting that underlying price pressures continue to grow even as gasoline...

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30 Sep 2022

Market Briefing: Dollar Remains Strong Amid Quarter-End Rebalancing

The dollar is holding steady and Treasury yields are moving sideways as month- and quarter-end flows dominate price action in the foreign exchange markets. After an extraordinarily-tumultuous September, traders are betting the greenback’s safe haven attributes will remain in demand through early October, with other areas of the global economy suffering the repercussions of a rapid ramp in interest rates. The pound is trading above levels that prevailed before chancellor Kwasi Kwarteng unveiled his government’s tax and spending plans a week ago. The currency rallied this morning as the Bank of England bought long-term gilts and investors bet the government...

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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: 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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