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17 Nov 2022

Market Briefing: Strong US retail sales prompt Fed second-guessing, lifting the dollar

Equity futures are pointing to a weaker session, yields are holding ground, and the dollar is edging upward as the impact of yesterday’s stronger-than-expected retail sales report continues to reverberate across the economic landscape. American consumers showed no sign of slowing spending in October, with receipts rising for basic inputs like gas and food, along with higher-value items like furniture and new cars – a dynamic that suggests household balance sheets continue to support increased consumption levels. If this is sustained, the implications for Federal Reserve policy are clear: rates will have to climb higher than currently assumed. Chancellor Jeremy...

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16 Nov 2022

Market Wire: Strong North American data releases restrain hopes for monetary policy easing

Canadian inflation stabilized last month, keeping monetary policy expectations largely unchanged. Data released by Statistics Canada this morning showed the Consumer Price Index rising 6.9 percent on a year-over-year basis in October, with the month-over-month change hitting 0.6 percent – narrowly missing consensus economic forecasts for a 0.7 percent gain. Gasoline prices leapt 9.2 percent higher month-over-month, partially reflecting a rebound in global oil benchmarks. Food price gains decelerated, but kept climbing, up 0.4 percent on the month, after rising 1.2 percent in September. Shelter costs renewed their ascent, up 0.8 percent month-over-month as higher interest rates took their toll....

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16 Nov 2022

Market Briefing: Currency market rebalancing continues as inflation fears ebb

Equity bourses are setting up for another day of gains and the dollar is continuing its retreat after data out yesterday morning showed US producer price increases slowing in October for a second month, adding to evidence of an easing in inflation pressures. Yields are essentially unchanged and risk appetite remains robust across the foreign exchange markets, with commodity-linked and high-beta currencies eking out small gains as the big European units recover from months of selling. The euro has regained its poise after selling off when a rocket hit a village in Poland, raising the risk of an escalation in...

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15 Nov 2022

Market Briefing: Kumbaya-that-dare-not-speak-its-name lifts financial markets

Signs of a thaw in US-China relations and more evidence of a dovish shift in the Federal Reserve’s messaging on rates are giving currency markets an opportunity to trade against the US dollar this morning. Equity futures are setting up for a strong open, yields are down, and commodities are gaining across the board. The greenback is down against most of its major counterparts after US president Joe Biden and Chinese general secretary Xi Jinping agreed to resume cooperation on a number of fronts, helping to reduce pressure on the yuan and weaken safe haven demand for the dollar. After...

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14 Nov 2022

Market Briefing: Dollar inches upward after a bruising week

Investors betting on policy “pivots” from the US Federal Reserve and the Chinese government are trimming their bets this morning, helping the dollar recover some ground against its major-currency rivals. Treasury yields are up slightly, and oil prices are weakening as last week’s ebullience fades in the face of a still-subdued economic outlook. The dollar suffered its biggest decline since the global financial crisis last week after the latest consumer price index report showed inflation pressures subsiding more quickly than expected. Yields on two- and 10-year Treasury instruments plunged as investors lowered terminal rate forecasts, expecting the Fed to respond...

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