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NZD

11 May 2023

Global growth worries re-emerge

• Growth worries. Global growth concerns re-emerged after a run of soft data, particularly out of China. Copper is at its lowest since late-November.• Risk off tone. Bond yields fell back & the USD strengthened. The Bank of England hiked again, but questions about how much more it will do remain.• AUD weaker. The negative backdrop has seen the AUD underperform. We expect this challenging environment to remain in place for a while yet. Concerns about global growth picked up overnight following a string of softer than anticipated data, particularly out of China. US equity markets eased modestly (S&P500 -0.2%),...

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08 May 2023

AUD holding firm

• Calmer markets. US equities flat overnight, while oil & base metals edged a bit higher. US bond yields rose, with the AUD hovering just under ~$0.68• No credit crunch. Fed’s Senior Loan Officer Survey didn’t signal an imminent credit crunch. Rather, conditions are tightening inline with higher rates.• AUD events. Consumer sentiment, Q1 retail sales volumes, China trade data, & the Federal Budget released today. US CPI is out tomorrow night. A relatively quiet and uneventful start to the new week. Following the strong rise on Friday, US equities were flat overnight. By contrast, energy prices added to their...

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02 May 2023

Banking sector worries reemerge

• Risks reemerge. Renewed US banking sector concerns have weighed on risk sentiment. Bond yields, equities & oil prices fell overnight.• AUD volatility. AUD spiked after the ‘surprise’ RBA rate hike, but offshore developments have seen the AUD give back a lot of its gains.• US Fed in focus. Tomorrow’s US Fed meeting is the next major event. Another hike is expected. We think the Fed could push back on expectations rate cuts could start in H2. This could give the USD a boost. The relative calm across markets hasn’t lasted. Risk sentiment soured overnight as concerns about the US...

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27 Apr 2023

BoJ & US data in focus

• Improved sentiment. Equities & bond yields higher overnight. The more upbeat risk appetite has supported the AUD in otherwise quiet FX markets.• US data flow. Topline US GDP growth undershot forecasts, but this was because of inventories. Price measures remain high. The ECI & PCE deflator due tonight. The US Fed still has more work to do to tame inflation.• BoJ in focus. Inflation & wage pressures in Japan are building. It appears inevitable the BoJ shifts course. Could the first steps be taken today? Sentiment improved overnight, with equities and bond yields higher. In the US, the S&P500...

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26 Apr 2023

AUD struggles

• Ongoing concerns. Banking issues remain in the US, while various indicators like the copper price point to a sharp slowdown in global growth.• AUD under pressure. Global backdrop compounded by softer Q1 Australian CPI. We expect the RBA to hold steady again at next week’s meeting.• US data in focus. US Q1 GDP released tonight, while the Employment Cost Index and PCE deflator are due tomorrow. Sentiment across markets continues to have a negative vibe. Banking sector concerns and growth worries remain front of mind. Outside of the US tech-focused NASDAQ, which was boosted by robust earnings from a...

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