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JPY

16 Aug 2023

Negative vibes

• Wall of worry. China worries, sticky UK inflation & a hawkish tone in the Fed minutes weighed on risk sentiment, pushed up US yields & supported the USD.• AUD pressure. The backdrop has exerted more pressure on the AUD. The AUD is in rarefied air. Since 2015 AUD/USD has only been lower in ~2% of trading days.• AU jobs. July labour force report released today. The labour market is a lagging indicator. Consensus is looking for unemployment to tick up slightly to 3.6%. Familiar themes have continued to drive markets. On the one hand concerns about the state of...

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16 Aug 2023

Markets see clouds in the US economy’s silver lining

“In the beginning the Universe was created,” said Douglas Adams in the Hitchhikers Guide to the Galaxy. “This has made a lot of people very angry and has been widely regarded as a bad move”. Markets seem to be taking a similar view on yesterday’s hotter-than-anticipated US retail sales report, with an aversion to risk becoming more pronounced as investors grapple with the prospect of higher long-term rates. The dollar is holding its gains and equity futures are setting up for a weaker open even as two- and ten-year Treasury yields fade from their highs. Risk-sensitive units like the Australian and...

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15 Aug 2023

Under pressure

• Mixed signals. Weak China data & positive surprises in US retail sales, Canadian inflation, & UK wages has rattled market nerves.• Negative vibes. The deluge of data has seen US/European bond yields rise & equity markets fall. USD remains firm. AUD touched another 2023 low.• Upcoming events. No change expected from the RBNZ today. UK CPI, US housing & production data, & the FOMC meeting minutes also due. It has been a busy 24hrs with markets digesting a deluge of data. There were mostly positive surprises with activity and/or inflation metrics generally coming in hotter than expected, though China...

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14 Aug 2023

China concerns

• Choppy markets. Developments in China weighed on risk sentiment yesterday, but things settled down overnight. US equities & bond yields higher.• Stronger USD. Higher US yields & China-related nerves pushed the USD to year-to-date highs against the CNH, JPY, SGD, NZD, & AUD.• Data focus. RBA meeting minutes, Q2 AU wages, China activity data batch, UK labour stats, & US retail sales due today. It has been a choppy start to the week for markets. Negative sentiment around developments in China weighed on sentiment during yesterday’s Asian session with investors appearing somewhat concerned about potential fallout from troubles in...

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14 Aug 2023

Price action turns choppy on higher yields and Chinese contagion fears

The dollar is little changed after a series of data releases intersected with oil price gains last week to push long-term yields slightly higher – even as expectations for a pause at the Federal Reserve’s September meeting remained intact. More broadly, risk appetite remains relatively subdued and commodity-linked currencies are softening as troubles in the Chinese property sector keep global demand expectations under pressure and drive raw materials prices modestly lower. North America Tomorrow’s retail sales report looms as the next potential catalyst for dollar moves, with major uncertainties remaining around the durability of consumer spending in the world’s largest...

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