Explore the world.

Assess underlying market conditions and fundamentals in the world's major economies.

World
Global
Americas
United States
Canada
Mexico
Europe
Euro Area
United Kingdom
Asia Pacific
China
Japan
Australia

Stay ahead.

Follow the biggest stories in markets and economics in real time.

Analysis
Blog
Views
Calendar

Subscribe

Get insight into the latest trends and developments in global currency markets with breaking news updates and research reports delivered right to your inbox.

After signing up, you will receive regular newsletters from Corpay, and may unsubscribe at any time. View Corpay’s Privacy Policy

USD

17 May 2023

US debt ceiling optimism

• US debt ceiling. Positive rhetoric from both sides supported sentiment. US equities & bond yields rose. USD index firmer, with AUD ~$0.6660.• Fed speak on the radar. In addition to the debt ceiling, US Fed speakers will be in focus the rest of the week. Markets pricing ~3 rate cuts by January.• Labour market data. April Australian labour report due today. Labour market is a lagging indicator. Data for April reflects the state of play ~6-months ago. A more positive tone to markets overnight with comments on both sides of the US political spectrum easing fears of a potential...

Read More Read More
17 May 2023

Dollar steamrolls higher on pullback in rate cut bets

The dollar is climbing this morning, ostensibly benefitting from safe haven flows as the political theatre surrounding the debt ceiling negotiations reaches a higher pitch. But with President Biden poised to return early from the G7 summit in Japan and House Speaker McCarthy saying “It is possible to get a deal by the end of the week. It’s not that difficult to get to an agreement,” we suspect other forces are in play. Yesterday’s retail sales report – which showed underlying US consumer demand remaining surprisingly robust for a third consecutive month – may be triggering a broader rethink on the...

Read More Read More
16 May 2023

US retail spending and Canadian inflation data point to stubbornly-robust demand

US retail spending rose by less than expected last month, but consumer demand remained strong, keeping recessionary fears at bay and helping support yields across the front end of the curve.  According to figures published by the Census Bureau this morning, total receipts at retail stores, online sellers and restaurants rose 0.4 percent on a month-over-month basis in April, up 0.2 percent over a year prior. Markets were expecting a 0.8 percent headline gain. Gas station sales fell -0.8 percent month-over-month, while motor vehicle and parts dealers posted a 0.4 percent gain. Receipts at food services operations rose 0.6 percent, and...

Read More Read More
16 May 2023

Trading ranges shrink ahead of action-packed day

Currency markets are seeing subdued price action this morning as participants stay sidelined in a catalyst-poor environment. Both the euro and pound are holding modest gains and the dollar is slightly weaker, with three-month implied volatility levels trading near the lowest levels in a year as monetary policy expectations crystallize and movement in the fixed income space slows to a crawl. Commodity-linked and Antipodean currencies are weaker after traders responded to softer-than-expected Chinese economic activity data by marking down demand forecasts. Last night’s official data showed industrial output in the world’s second largest economy expanding 5.6 percent in April from a year...

Read More Read More
15 May 2023

Dollar retreats on hopes for debt ceiling deal

A more risk-supportive tone is evident across currency markets this morning after Treasury Secretary Yellen said debt ceiling negotiations were making progress. Speaking on the sidelines of the G7 finance minister meeting in Japan, she said “I’m hopeful. I think the negotiations are very active. I’m told they have found some areas of agreement”. Treasury yields and equity futures are up, and most major currencies are advancing against the dollar. The cadence of economic events will slow this week, with a string of central bank speakers competing with second-tier data releases in Europe and Asia for market attention.  Today’s Federal Reserve...

Read More Read More

About

Contact

Data and information on this website is provided “as is” and for informational purposes only. Information on the website does not bind Corpay in any way; nor is it not intended as advice, a recommendation or an offer or solicitation for the purchase or sale of any financial products. Data and other information are not warranted as to completeness or accuracy and are subject to change without notice. All charts or graphs are from publicly available sources, or our proprietary data. Nothing in this material should be construed as investment, financial, tax, legal, accounting, regulatory or other advice or as creating a fiduciary relationship. Corpay disclaims any responsibility or liability to the fullest extent permitted by applicable law, for any loss or damage arising from any reliance on our use of the data in any way. You should contact your Corpay sales representative for clarification on the range of financial instruments available in your jurisdiction. Copyright Cambridge Mercantile Corp. 2022.