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USD

13 Aug 2023

Inflation fears linger

• Inflation jolt. Stronger than expected US PPI data pushed US bond yields & the USD higher. US retail sales & FOMC meeting minutes due this week.• AUD struggles. Shaky sentiment & a firmer USD have weighed on the AUD. Since 2015 the AUD has only traded sub $0.65 ~3% of trading days.• Upcoming events. In addition to the US releases, the China data batch, RBNZ meeting, UK CPI, AU wages & AU jobs report are in focus this week. Equity markets remained on the backfoot on Friday as bond yields continued to edge higher following a run of stronger...

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11 Aug 2023

Rebounding producer prices lift the dollar

The dollar is set to end the week on a slightly stronger note after July’s producer price report solidified expectations for a continued hawkish bias from Federal Reserve policymakers – even as other indicators point toward a cooling in inflation pressures. Yields are modestly higher across the front end of the Treasury curve, equities are seeing outflows, and risk-sensitive currencies like the Australian and Canadian dollars – along with the Mexican peso – are inching lower against the greenback. North America US producer prices climbed more than expected in July, putting pressure on policymakers to avoid sending the “all clear”...

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10 Aug 2023

US CPI vs bond supply

• US CPI. The July report was largely as expected. But the rebound in commodity prices, particularly oil, points to higher US inflation over coming months.• Bond yields. US yields rose post the data following a lackluster bond auction. This dampened risk sentiment & supported the USD later in the day.• AUD sluggish. AUD/USD remains near the bottom of its ~2-month range. Outgoing RBA Governor Lowe gives his last Parliamentary Testimony today. The keenly anticipated US CPI report was released overnight, and while markets initially breathed a sigh of relief bond market gyrations later in the session unnerved investors. In...

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10 Aug 2023

Softer US inflation sends dollar lower

Markets are doubling down on “soft landing” bets this morning after US consumer inflation slowed as expected, reducing the need for further monetary tightening from the Federal Reserve. Equity futures are up, Treasury yields are down slightly on the front end of the curve, and the dollar is slipping ahead of the North American open. North America Headline consumer prices rose 3.2 percent in July from the same period last year according to data published by the Bureau of Labor Statistics this morning, up 0.2 percent on a month-over-month basis. This was slightly below the the 3.3 percent and 0.2...

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09 Aug 2023

All eyes on US CPI

• Jittery markets. Higher oil & gas prices have raised some concerns inflation could re-accelerate over coming months. US equities slipped back.• US CPI. Focus is on tonight’s US inflation data. Base-effects have run their course. Inflation may start to surprise ‘optimistic’ markets.• AUD sluggish. AUD/USD hovering near the bottom end of its ~2-month range. The weakness (so far) in August is inline with the seasonal pattern. Markets remain somewhat jittery ahead of the release of the July US CPI report (10:30pm AEST), and with higher commodity prices fanning concerns of a re-acceleration in inflation down the track. Brent crude...

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