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USD

07 Feb 2024

Sleepy Markets Prepare for Uneventful Session 

It’s quiet. Too quiet. Markets aren’t providing us with much to write about this morning: equity futures are setting up for a tame open, yields are basically flat, and most major currencies are less than 0.10 percent off yesterday’s levels. Yesterday’s round of Fedspeak was relatively hawkish. Outgoing Federal Reserve Bank of Cleveland President Loretta Mester – a voter until June – said policymakers might feel confident enough to begin easing policy “later this year,” but “It would be a mistake to move rates down too soon or too quickly without sufficient evidence that inflation is on a sustainable and...

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06 Feb 2024

Risk Sentiment Thaws on Chinese Recovery Efforts

Risk-sensitive assets are seeing a modest sentiment boost this morning as Chinese authorities move to stem the bleeding in stock markets, with top officials reportedly preparing to brief President Xi Jinping on their efforts. Onshore share indices moved higher overnight after the government imposed new restrictions on short-sellers, the state-owned Central Huijin Investment Ltd. said it would add more exchange-traded funds to its holdings, and the China Securities Regulatory Commission pledged “greater efforts” in encouraging buying from institutional investors. US equity futures are setting up for a stronger open, ten-year Treasury yields are inching lower after a circa-28 basis point...

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06 Feb 2024

RBA: A more balanced approach

At its first meeting of 2024, and the first under the new ~6-weekly structure which also saw the bank release its latest economic projections, the RBA kept the cash rate steady at 4.35%. This was expected with more attention on the RBA’s updated reading of the macro landscape and its policy guidance. In the end the RBA played a rather straight bat by continuing to stress that “returning inflation to target within a reasonable timeframe remains the Board’s highest priority” and noting that “while recent data indicate that inflation is easing, it remains high”. With that in mind, in the...

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05 Feb 2024

Will the RBA stop the AUD’s slide?

• Fed repricing. Positive US services ISM & Fed rhetoric has seen markets continue to pare back rate cut bets. Rising US yields are supporting the USD.• RBA today. The decision & new forecasts are released at 2:30pm AEDT with Gov. Bullock holding a press conference from 3:30pm AEDT.• Push back? No policy change expected. Focus will be on the RBA’s guidance. Will it follow the BoE & US Fed by leaning against rate cut forecasts? The upswing in bond yields and the USD has continued at the start of the new week. A positive surprise in the US ISM...

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05 Feb 2024

Dollar Steamrolls Higher on Crumbling Rate Cut Bets 

Currency markets are retreating in the face of yet another dollar onslaught after Jerome Powell again warned markets not to expect a rate cut at the Federal Reserve’s March meeting, adding to Friday’s hotter-than-expected non-farm payrolls report in driving yields higher. Ten-year Treasury yields jumped almost 7 basis points higher and odds on a May rate cut fell to 70 percent when Chair Powell doubled down on comments made during last week’s post-decision press conference in an interview with CBS News ‘60 Minutes’ programme. In the appearance, aired last night, Powell warned that it was unlikely officials would reach the...

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