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JPY

10 Apr 2024

Another US CPI market jolt

• US inflation. A higher than expected US CPI generated a sharp repricing in US rate expectations. This supported the USD & dampened sentiment.• AUD tumble. The shift in market pricing & stronger USD has push the AUD lower with the AUD’s April revival unwinding overnight.• AUD crosses. The AUD also underperformed on the crosses. We think this looks a bit overdone. ECB meeting, US PPI, & Fed speakers in focus tonight. Another hotter than projected US CPI reading jolted markets overnight as it further challenged the US Fed’s view that inflation pressures are on a glidepath back down to...

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09 Apr 2024

All eyes on US inflation

• Waiting game. Most markets consolidate ahead of tonight’s US CPI report. US bond yields a little lower, while the USD index tread water.• AUD revival. Firmer base metal prices helped the AUD. The AUD’s recent rebound is inline with its seasonal pattern. Will the US CPI stop its upswing?• RBNZ meeting. RBNZ meets today. It may not (yet) tweak its forward guidance. This may see AUD/NZD’s upturn temporarily stall. Tonight’s US CPI inflation report (10:30pm AEST) is the key event for markets, and with it coming closer into view it isn’t surprising most of major asset classes consolidated overnight....

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08 Apr 2024

Dollar Pushes Higher Ahead of Economically-Eventful Week

The dollar is trading with a firmer bias ahead of a week filled with first-tier economic events, and after Friday’s forecast-crushing US jobs number triggered a pop in Treasury yields. Both the pound and euro are starting the week on the back foot, weakened by expectations of earlier rate cuts from the Bank of England and European Central Bank, while the Japanese yen remains hemmed in by short sellers on one side and the threat of intervention on the other. Global oil benchmarks are losing altitude after Israel said it would withdraw some troops from Gaza, reducing perceived geopolitical risk...

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05 Apr 2024

Markets Lick Wounds After Sharp Selloff

Markets are struggling to regain their footing after a rise in geopolitical tensions triggered a classic flight to safety. Equities and risk-sensitive currencies tumbled yesterday afternoon as investors sought refuge in bonds, the Japanese yen, Swiss franc, and dollar. Benchmark crude prices jumped to the highest levels since October after Israeli Prime Minister Benjamin Netanyahu, speaking at a meeting of the security cabinet soon after a phone call with US President Joe Biden, said “Iran has been acting against us for years, directly and via proxies. And, therefore, Israel acts against Iran and its proxies, defensively and offensively… We will...

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27 Mar 2024

Caution Prevails as First Quarter Winds Down

Financial markets remain broadly rangebound this morning as month- and quarter-end position squaring drives investors to cut risk. The dollar is essentially unchanged, Treasury yields and crude prices are softening, and North American equity bourses are setting up for a weaker open. More evidence of strength in the US economy was delivered yesterday. Data releases showed home prices climbing at the fastest annual pace since 2022 in January, durable goods orders rising more than expected in February, and the Conference Board’s measure of consumer confidence ticking higher in March. The “no-landing” consensus among economists keeps growing more pervasive, bolstered by...

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