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JPY

08 May 2024

Fedspeak Propels Dollar Higher

Treasury yields and the dollar jumped by the most in a week during yesterday’s session when Minneapolis Fed President Neel Kashkari said he expected the central bank to keep rates elevated for an “extended period of time” as it waits for price growth to slow on a sustained basis. Speaking at the Milken Institute Global Conference, he warned “If inflation starts to tick back down or we saw some marked weakening in the labour market then that might cause us to cut back on interest rates’” but “If we get convinced eventually that inflation is embedded or entrenched now at...

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06 May 2024

A ‘hawkish’ turn from the RBA?

• Holding on. Quiet start to the week. US equities & base metals firmer. Long-end yields a bit lower, while the USD & AUD consolidated.• Fed survey. The Fed’s latest lending survey shows credit conditions are still ‘tight’. This can crimp lending & US growth over time, bringing on rate cuts.• RBA meeting. RBA in focus today. Rates pricing has adjusted higher. Will the RBA match the markets thinking? If not, the AUD could fall back. It has been a quiet start to the week across markets. This is unsurprising given the light event calendar. Last week’s moves stemming from...

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05 May 2024

Softer US data pressures the USD

• Positive vibes. A weaker US jobs report & ISM services data exerted more pressure on US yields & the USD. The AUD’s revival continued.• RBA meeting. Australian interest rate pricing has adjusted higher. But has it gone too far? The RBA may not match ‘hawkish’ market expectations.• Event radar. Locally the RBA (Tues) is the main event. Offshore, the Bank of England meets. In the US several Fed members are due to speak. The positive market mood stemming from the less ‘hawkish’ than feared US Fed meeting continued on Friday. Softer US jobs and services ISM data supported the...

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03 May 2024

Risk Appetite Improves as US Payrolls Report Looms

The US dollar is cruising into a third day of losses and Treasury yields are softening even as investors brace for what is expected to be another strong payrolls report. North American equity futures are rallying ahead of the open after Apple reported stronger-than-expected earnings and provided a more optimistic sales forecast, and risk-sensitive currencies like the Canadian dollar are advancing off very low levels. Economist estimates going into this morning’s non-farm payrolls number are widely dispersed, ranging from a 150,000-position gain on the low end to 280,000 on the high end, with the median landing near the 240,000 mark....

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02 May 2024

Will the US labour market crack?

• Post Fed. US yields & the USD have remained on the backfoot after the Fed wasn’t as ‘hawkish’ as feared. JPY rebound also weighed on the USD.• US jobs. AUD revival continued. US jobs in focus tonight. Reaction likely to be binary. Weaker (stronger) result set to be AUD positive (negative).• RBA looming. RBA next Tuesday. We think the Board could discuss the merits of another hike. Diverging policy expectations are AUD supportive. The washout across markets from yesterday’s less ‘hawkish’ than feared US Fed meeting has continued. Bond yields in Europe and the US have fallen further with...

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