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23 Jan 2025

Calm After the Storm Settles on Currency Markets

Financial markets are enjoying a period of placidity amid a relative lack of new headline risks related to the incoming administration’s trade, immigration, and fiscal policy plans. The global borrowing cost benchmark—the ten-year US Treasury yield—is holding near 4.62 percent, down from last week’s flirtation with the 4.8-percent threshold, equity futures are inching higher, and the dollar is eking out small gains after President Trump generally avoided discussing the economy and stopped short of issuing new tariff threats in a closely-watched interview with Fox News last night. US labour markets showed signs of stabilising in recent weeks. According to data...

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21 Jan 2025

US tariffs: delayed not derailed

• Trump vol. Markets were swung around by tariff news on Pres. Trump’s first day in office. But on net, equities rose while bond yields & the USD declined.• Delayed not derailed. Wide ranging reviews into US trade were announced. Findings due by 1 April. US trade tariffs still in the pipeline.• AUD & NZD. Softer USD has supported AUD & NZD. NZ headline CPI also a touch firmer than forecast. AU Q4 CPI due next week. Global Trends US President Trump’s second first day in office created a lot of buzz and generated a burst of volatility across markets....

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20 Jan 2025

Trump & tariffs

• US politics. President Trump is officially back in power. Reports tariffs could be implemented in a ‘measured way’ eased market nerves.• USD trends. Lack of follow through of election tariff threats exerted downward pressure on the USD. AUD & NZD bounced back.• Still watching. Various policies will be implemented. Vol. likely over period ahead. Short-term USD could ease helping AUD claw back more ground. Global Trends US politics has been in focus. Earlier today President Trump was inaugurated as the 47th US President. Outside of the inauguration there was little for markets to digest. US bond and equity markets...

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20 Jan 2025

Markets Stay on Edge Ahead of Inauguration

An uneasy calm is settling on currency markets as traders brace for a “shock and awe” campaign on the policy front when Donald Trump takes office for a second time this afternoon. Ten-year Treasury yields are under pressure after last week’s softer-than-feared inflation and retail sales numbers, the dollar is retreating against most of its rivals on reports of a “very good” call between Trump and Chinese president Xi Jinping over the weekend, and the euro and pound are advancing on a narrowing in cross-Atlantic rate differentials. Price action in currency markets could intensify shortly after the inauguration ceremony concludes....

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19 Jan 2025

Get set for Trump 2.0

• Positive tone. US equities, bond yields, & the USD rose at the end of last week. US data remains positive. Markets also positioning for Trump 2.0.• US policy. Pres. Trump will be in the drivers seat. Will he announce a range of measures after coming into power or is too much expected?• Event Radar. US Pres. Inauguration (Tues), NZ CPI (Weds), BoJ & MAS meetings (Fri), & global PMIs (Fri) in focus this week. Global TrendsGlobal equities ended last week on a positive note ahead of today’s US holiday and the US Presidential Inauguration (Tues 4am AEDT). A positive...

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