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JPY

28 Sep 2022

Market Briefing: Depressed Earnings Weigh on Global Market Sentiment, Boosting Dollar

US equity futures are falling and the dollar is climbing after weak earnings releases from the likes of Amazon and Apple provided more evidence of a slowdown in the world’s largest economy. The ten-year Treasury yield is flirting with the 4-percent threshold once again, commodities are weaker, and oil price gains are stalling out. Canada’s dollar is struggling to push through the 1.35 mark. The euro is trading back below parity against the dollar after the European Central Bank delivered a widely-expected 75 basis point hike but removed statement language that had previously suggested rates would ratchet higher at the...

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23 Sep 2022

Market Briefing: Great British Peso Plummets, Dollar Grinds Higher

The British pound is selling off violently – a bit like an emerging market currency – after the government said it would borrow heavily to fund tax cuts and energy price subsidies. In a dramatic pivot away from long-standing fiscal orthodoxy, Chancellor of the Exchequer Kwasi Kwarteng said the United Kingdom would cut income, property, and dividend taxes, abandon limits on banker bonuses, and pour tens of billions of pounds into protecting households from rising gas and electricity prices. Gilt yields jumped by more than a third of a percentage point as investors braced for renewed inflation pressures and worried...

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22 Sep 2022

Market Briefing: Japanese Intervention and Fed Aftershocks Pummel Currency Markets

Global asset prices plunged and yield differentials tilted violently in the dollar’s favour yesterday after the Federal Reserve turned more hawkish than expected. The central bank hiked by 75 basis points for a third time, but the “dot plot” forecasts inflicted more damage on markets, showing that a solid majority of members expect to raise rates above 4.5 percent next year – even if this risks an economic downturn. Market-implied pricing shot up during the announcement and press conference, with the Federal Funds rate now expected to end the year around 4.4 percent, up from 4.2 percent yesterday morning. The...

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21 Sep 2022

Market Briefing: Fed and Geopolitical Threats Keep Currency Markets Under Pressure

Markets are relatively becalmed ahead of a Federal Reserve decision that could sustain—or reverse—a long rally in the dollar. Trading ranges for risk-sensitive currencies are narrowing, equity futures are pointing to a softer open, and US government bond yields are easing from yesterday’s highs – the 10-year closed at 3.571 percent and the two-year reached its loftiest levels since 2007 at 3.962 percent. Commodity prices spiked higher last night after Russian President Vladimir Putin mobilized his country’s military reserve and threatened a nuclear response in Ukraine, saying, “Those who are trying to blackmail us with nuclear weapons should know that...

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20 Sep 2022

Market Briefing: Markets Trapped In Doldrums Ahead of Fed

Currency market trading ranges have gone flat ahead of tomorrow’s Federal Reserve decision, but the dollar remains well-bid in a global environment dominated by tightening financial conditions. Equity futures are slumping after the US 10-year hit its highest levels in more than a decade earlier this morning, briefly climbing above 3.545 percent. The world’s most powerful central bank is expected to deliver a 75 basis point hike. Markets are assigning less-than-20-percent odds to a 100 basis point increase, especially after the Wall Street Journal’s Nick Timiraos yesterday published an article giving short shrift to a larger move. Mr. Timiraos helped...

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