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10 Nov 2022

Market Wire: US inflation decelerates, lowering rate expectations and lifting market sentiment

A 1.8 percent month-over-month jump in energy prices – fuelled by a 4 percent recovery in the gasoline sub-index – added to increases in food and other categories in supporting the all-items index. With highly-volatile food and energy components excluded, core prices rose 6.3 percent year-over-year, up 0.3 percent over the prior month. This was well below the 0.5 percent increase markets had expected. As expected, shelter costs kept rising, increasing 0.8 percent in the month as rents and owners equivalent measures moved up. Overall non-energy services inflation turned more mixed, with transportation up 0.7 percent, while medical care costs...

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10 Nov 2022

Market Briefing: Currency traders brace for October inflation report

Markets are generally flat ahead of this morning’s inflation data. Investors are expecting to see more evidence of an easing in pressures, but are also prepared to sell assets if prices rise by more than anticipated. The headline consumer price index is expected to rise 0.6 percent month-over-month in October, up 7.9 percent year-over-year. With food and energy excluded, the core measure is seen rising 0.5 percent and 6.5 percent. The pace of price changes has decelerated in recent months, but inflation remains near four-decade highs, well above the Federal Reserve’s target range. Despite a small recovery this morning, the...

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09 Nov 2022

Market Briefing: Major currencies stabilize ahead of October inflation number

Price action in the currency markets looks relatively subdued this morning, with lingering midterm election uncertainties and tomorrow’s critical October inflation report acting to restrain directional position-taking. The dollar is trading slightly higher, Treasuries, gilts, and bunds are moving sideways, and both the euro and pound are stuck in incredibly-tight trading ranges. Results are still coming in, but it is already clear that no “red wave” materialized in yesterday’s elections. The Republican Party is likely to win the House by a slim margin, enabling it to stymie large-scale legislative changes, block efforts to lift the debt ceiling, and launch investigations...

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08 Nov 2022

Market Briefing: Currency markets enter pre-midterm lull

US equity indices are pointing to marginal gains and the dollar is holding steady ahead of today’s midterm elections and a critical October inflation report later in the week. The euro is clinging to parity, the pound is tightly rangebound, and the yen is inching higher as we go to pixels. Both global oil benchmarks are up more than 3 percent on the day, with Brent challenging the $100 mark as seasonal imbalances interact with Russian sanctions and OPEC+ production cuts to drive prices higher. Overall global demand has weakened by more than expected in recent months, but inventories are...

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07 Nov 2022

Market Briefing: Currencies turn more buoyant in the calm after the storm

Financial markets are adding risk after last week’s unusually-eventful week for macroeconomic developments. Equity futures are climbing, bond yields are holding steady, and the dollar is losing altitude as expectations for Federal Reserve policy begin to stabilize in response to Chair Jerome Powell’s “slower-but-higher” message at Wednesday’s meeting, and after Friday’s stronger-than-expected employment data. After Jerome Powell warned markets not to expect a pause in the months to come, investors expect the Federal Reserve to deliver another half-percentage-point hike in December, with the upper end of the Fed Funds target range climbing to 5.25 percent by mid-2023. The offshore Chinese...

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