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JPY

14 Sep 2022

Market Briefing: Shellshocked Currency Markets Attempt a Recovery

Investors and foreign exchange traders are trying to recover after getting resoundingly wrong-footed by yesterday’s US consumer price report. The dollar is slipping against many of its major rivals and equity futures are pointing to a slightly stronger open as positioning errors are unwound and liquidity levels return to normal. Markets plummeted yesterday after the Bureau of Labor Statistics said price increases were faster and more persistent than anticipated in August, crushing the “peak inflation” narrative, and spurring a violent jump in short-term interest rates. The dollar surged higher, clobbering global equity bourses and rival currencies alike as terminal rate...

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12 Sep 2022

Market Briefing: Dollar Rally Pauses as Global Policy Landscape Shifts

Equity markets are poised for a strong open and the greenback is retreating ahead of data that could reinforce the “peak inflation” narrative and influence longer-term monetary policy expectations. The trade-weighted dollar is slipping from multi-decade highs and a broad-based improvement in risk appetite is visible across most major asset classes, suggesting that traders and investors are cutting short positions in preparation for tomorrow’s August consumer inflation report. The euro is powering higher, extending its biggest rally in at least six months as interest rate differentials narrow. The spread between US and German yields narrowed to a one-month low over...

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09 Sep 2022

Market Briefing: Currency Markets Reverse Direction on Narrowing Yield Gaps

The dollar is tumbling as currency traders unwind wagers on ever-widening gaps between the world’s major central banks. With the Bank of Japan inching closer to a shift in policy direction, the European Central Bank making hawkish noises, and an energy price cap reducing pressure on the Bank of England, yield differentials are moving in a more synchronized fashion than in recent months – and evidence of a slowing in the Chinese economy is helping reduce the greenback’s safe-haven appeal. The pound is recovering after new Prime Minister Liz Truss announced plans to hold average household energy bills at no...

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07 Sep 2022

Market Briefing: Dollar Keeps Winning Reverse Beauty Contest

The dollar is continuing its untrammelled rise this morning, crushing its developed- and emerging-market peers alike as the US reprises its role as a rock in a sea of economic troubles. As Europe faces an energy shock, China slows, and falling commodity prices weigh on emerging market growth prospects, the American economy – with its voracious consumers, incredibly profitable corporate sector, and aggressively hawkish central bank – is drawing financial flows from the rest of the world, further widening performance gaps. The yen is trading near new post-1998 lows, ignoring fresh intervention warnings from the government. Chief Cabinet Secretary Hirokazu...

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02 Sep 2022

Market Briefing: Markets Stabilize as Payrolls Report Looms

Yields are flat and the dollar is holding steady after hitting multi-decade highs during yesterday’s trading session. This morning‘s non-farm payrolls report is expected to clear the way for a three-quarter-point hike at the Federal Reserve’s September meeting. Economists think the US economy generated 290,000 jobs and the unemployment rate held at around 3.5 percent in August, with the labour market proving robust amid a central bank-engineered tightening in financial conditions. Data released yesterday showed initial jobless claims, a proxy for layoffs, falling to a seasonally adjusted 232,000 last week from 237,000 the previous week. Financial markets might welcome signs...

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