Explore the world.

Assess underlying market conditions and fundamentals in the world's major economies.

World

Stay ahead.

Follow the biggest stories in markets and economics in real time.

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

Nvidia Earnings Top Estimates, Markets Surge

Risk appetite is rebounding across the financial markets this morning after artificial intelligence chipmaker Nvidia’s earnings results exceeded astonishingly-high investor expectations. Sales more than tripled in the company’s fiscal fourth quarter, and are projected to do so again in the first quarter of 2024, with President Jensen Huang noting that “Demand is surging worldwide across companies, industries, and nations”. Equity markets are on a tear, with Nasdaq futures pointing to a 2-percent gap higher at the open, while the S&P 500 sets up for a 1-percent gain. Treasury yields are headed lower, and the dollar is declining, particularly against high-beta...

Read More Read More

Markets Mark Time Into Fed Minutes, Nvidia Earnings

The dollar and Treasury yields are holding steady as markets await minutes from the Federal Reserve this afternoon. The record of January’s meeting is expected to show officials downplaying the need for dramatic policy adjustments in the coming months, with members likely to express a need for more evidence of disinflation before launching an easing cycle.   The Canadian dollar is trading below its 200-day moving average after yesterday’s softer-than-anticipated January inflation report raised market-implied odds on a rate cut coming before the Bank of Canada’s June meeting. Annual headline price growth fell to 2.9 percent from 3.4 percent prior, and...

Read More Read More

AUD recovery continues

• US markets. US equities lost ground, while global trends exerted pressure on US yields. USD generally softer with the AUD’s grind up extending.• Yields fall. Lower Canadian inflation, ‘dovish’ BoE comments, & a cut to China’s 5yr lending rate weighed on global bond yields.• AU wages. Q4 wages released today. Annual growth expected to tick up. Faster wages can keep services inflation high & the RBA on a different path to its peers. A few market gyrations overnight. A pull-back in ‘big tech’ ahead of some earnings announcements dragged the US S&P500 (-0.7%) a little further from its all-time...

Read More Read More

Hold the line

• Holiday trade. Minimal moves with the US on holiday. European equities consolidated, while the major currencies remained range bound.• USD trends. ECB wage indicator & Canadian CPI tonight. US Fed commentary in focus later this week with markets now pricing in little chance of a March cut.• AUD drivers. February minutes released today & wage data due tomorrow. Signals from China suggest spending was positive during Lunar New Year. With the US closed for Presidents Day and newsflow limited there were minimal market moves overnight. European equities consolidated with the EuroStoxx600 (+0.2%) making its way up towards its January...

Read More Read More

Fed speak on this weeks radar

• Diverging markets. US yields rose & the S&P500 dipped after US producer prices exceeded expectations. However the USD eased. AUD at ~$0.6530.• Holiday data. High frequency data & reports suggest Chinese spending & travel exceeded pre-COVID run-rates. Is the tide finally turning?• Event radar. Locally, Q4 wages is due (Weds). US Fed commentary in focus with several members speaking later in the week. Eurozone PMIs released (Thurs). Markets consolidated on Friday night. In contrast to the Japanese Nikkei which touched another multi-decade high US equities unwound the modest gains from the previous day (S&P500 -0.5%) with higher bond yields...

Read More Read More