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GBP

16 Sep 2024

Second Trump Assassination Attempt Leaves Markets Unruffled

Financial markets are calm and there are no signs of a resurgence in the ‘Trump trade’ after Secret Service agents fired on a gunman at the former president’s Florida golf course. Prediction markets are still showing Kamala Harris holding a slight lead in the race to become the next US president, and assets that might benefit from a policy mix defined by tighter immigration, looser regulations, greater protectionism, and higher inflation – the dollar, Treasury yields, and bank, health, and energy stocks – are broadly softer. The euro, pound, yen, and Australian dollar are all up more than half a...

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13 Sep 2024

Dollar Retreats As Fed Pricing Shifts

Volatility is reverting lower across the financial markets, even as investors swerve between opposing viewpoints on what the Federal Reserve will do next week. The dollar is back on the defensive, Treasury yields are slipping, equity futures are setting up for a modestly-positive open, and oil prices are climbing. Odds on an outsized kickoff to the central bank’s easing cycle climbed yesterday after the Wall Street Journal’s ‘Fed whisperer’ Nick Timiraos summarised the current debate on the rate-setting committee in terms that seemed to favour a larger move. Referencing conversations with current and former officials, Timiraos said “The case for...

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11 Sep 2024

Dollar Retreats as Trump’s Odds Slip

Financial markets are in relief mode this morning after Taylor Swift endorsed Kamala Harris for president, reducing demand for hedges against a rally in the dollar or a resumption in trade war hostilities. The greenback is reversing its three-day rally, short-end Treasury yields are declining, and North American equity indices are retreating ahead of the open. In related news, Harris managed to flip prediction market odds in her favour during a televised debate with former president Donald Trump. Economic policy details were limited, and neither of the candidates managed to land a knockout blow big enough to decide the race,...

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09 Sep 2024

USD bouncing back

• Shaky sentiment. A bit of a rebound in risk sentiment overnight following more turbulence on Friday after the US jobs report & Fed comments.• Market swings. US yields near bottom of their range. USD has recovered some ground, while the NZD & AUD have lost altitude.• Event radar. US Pres. debate (Weds), US CPI (Weds), & ECB meeting (Thurs) in focus this week. Will the USD’s revival continue? Markets have enjoyed a relatively more positive start to the week as the dust settled following Friday nights US jobs report and comments by Fed officials which generated further turbulence. From...

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09 Sep 2024

Mean Reversion Dominates Markets After Inconclusive Jobs Report

Friday’s non-farm payrolls report failed to definitively settle the debate over the size of the Federal Reserve’s first rate cut. Markets initially added to bets on a plus-sized move after the Bureau of Labor Statistics reported a slower-than-anticipated pace of job creation through July and August, but soon reversed on evidence of underlying stability in labour markets – the unemployment rate edged lower, the prime age employment rate remained historically high, and growth in average hourly earnings showed signs of accelerating. A widely-anticipated speech from Governor Waller didn’t clarify things much either. Odds on a half-percentage-point move shot up as...

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