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USD

08 Mar 2024

Dollar’s Fade Continues Ahead of Jobs Numbers

The dollar is stuck in a defensive posture after Federal Reserve chair Jerome Powell sounded slightly more dovish in his second day of Congressional testimony yesterday. “We’re waiting to become more confident that inflation is moving sustainably to 2 percent,” he told the Senate Banking Committee. “When we do get that confidence – and we’re not far from it – it’ll be appropriate to begin to dial back the level of restrictiveness”. This morning’s non-farm payrolls number could make or break the dollar’s decline. Expectations for the headline jobs gain have crept above the 200,000 mark this week, but the...

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07 Mar 2024

Dollar Slumps On Diminishing Tail Risks 

In yesterday’s Congressional testimony, Federal Reserve chair Jerome Powell warned markets not to expect rates to begin coming down in the near term, but acknowledged the need to “begin dialling back policy restraint at some point this year,” and said that central bankers remain “squarely focused” on their dual mandate. Market participants – who had been alert to the possibility of a pushback against easing financial conditions – breathed a sigh of relief, sending yields and the dollar lower for a fifth consecutive session. Broadly speaking, softer data releases and consistent messaging from Fed officials over the last week have...

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06 Mar 2024

Bank of Canada Stays On Hold Amid “Uneven” Inflation Progress

As had been almost universally-expected, the Bank of Canada left its benchmark overnight rate unchanged this morning, but language in Governor Macklem’s statement tilted in a slightly more hawkish direction than market participants had anticipated, helping to boost the exchange rate. In prepared remarks released ahead of the post-decision press conference, Governor Tiff Macklem said “Today’s decision reflects Governing Council’s assessment that a policy rate of 5 percent remains appropriate. It’s still too early to consider lowering the policy interest rate”. “Looking ahead, we continue to expect inflation will be close to 3 percent through the middle of the year...

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06 Mar 2024

Markets Retreat on Expected Fed Hawkishness

Markets are trading with a negative bias as traders brace for a hawkish message from Jerome Powell during this morning’s Congressional testimony. If the Federal Reserve chair joins his colleagues in arguing that there’s no rush to start cutting rates, investors will begin betting on an upward shift in the central bank’s policy projections. It would take only two officials turning more cautious to lift the median March “dot plot” toward showing just two rate cuts this year, down from the three previously expected. Treasury yields are holding steady, and the dollar is little changed against most of the majors....

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05 Mar 2024

Caution Prevails as Fed Officials Make Hawkish Noises

Risk appetite is fading ahead of the North American open as traders brace for a more hawkish turn from Jerome Powell during tomorrow’s semi-annual Congressional testimony. Officials seem to be growing uncomfortable with the recent easing in financial conditions. Federal Reserve Bank of Atlanta President Raphael Bostic last night suggested that the central bank’s first rate cut was likely to land in the third quarter, with a pause followed by moves spaced out over time. “Given the uncertainty,” he said, “I think there is some appeal to acting and then seeing how participants in the markets, business leaders, and families...

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