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USD

01 Aug 2024

Risk wobbles return

• Risk off. Weaker US data dampened sentiment. Equities & bond yields declined. USD ticked up, with cyclical assets like the AUD under pressure.• BoE cut. BoE delivered its first cut of the cycle. Further easing likely. US rate cut expectations have ramped up. More than 4 moves priced in by January.• US jobs. US jobs report released tonight. A softer print could drag US yields even lower. But would this generate a negative or positive market spillover? The positive tone in markets reversed overnight with concerns about the economic environment in the US dampening sentiment. US and European equities...

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01 Aug 2024

Fed Easing Hints Carry Markets Higher

Financial markets are kicking off a new month in an ebullient mood after the Federal Reserve left interest rates unchanged and Chair Jerome Powell suggested the central bank is prepared to cut them in September if inflation keeps moving lower. Treasury yields are lower across the curve, equity futures are consolidating for another day of gains, and commodity prices are broadly higher. On foreign exchange bourses, price action is more mixed, with a generalised improvement in risk appetite intersecting with still-elevated geopolitical tensions to alleviate selling pressure on the greenback: the Canadian dollar is holding steady while most other majors...

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31 Jul 2024

US rate cuts coming into view

• Positive vibes. Cooling US labour market conditions & US Fed hints that a rate cut in September is possible boosted risk sentiment & weighed on the USD.• AUD reversal. AUD recouped its post AU CPI losses. Core inflation still a long way from home. RBA hike risks extinguished but cuts still some time away.• BoJ moves. Larger than anticipated BoJ rate rise. Policy divergence is reviving the JPY. USD/JPY back below 150. AUD/JPY ~10% below July peak. A positive night for risk assets with signs of a cooling US labour market, moderating wage pressures, and signals from the US...

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31 Jul 2024

Fed Avoids Telegraphing Imminent Rate Cuts

As had been widely expected, the Federal Reserve left benchmark borrowing costs at a 23-year high for an eighth consecutive meeting this afternoon, but avoided providing anything resembling a clear easing signal. In the statement setting out the decision, officials acknowledged making “some further progress” toward their 2 percent inflation goal—implying more confidence in a sustained moderation than the “modest further progress” phrasing deployed in June—but noted that price growth still “remains somewhat elevated”. The Federal Open Market Committee said “Job gains have moderated, and the unemployment rate has moved up but remains low,” meaning that the “risks to achieving...

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31 Jul 2024

Canadian Dollar Pops, Greenback Falls On Relative Improvement

The Canadian economy accelerated toward the end of the second quarter, helping reduce market-implied odds on an aggressive easing cycle from the Bank of Canada. Numbers released by Statistics Canada this morning show real gross domestic product heading toward a 2.2-percent annualised gain in the three months ended June, above market forecasts and the Bank of Canada’s 1.5-percent estimate. The economy expanded 0.2 percent on a month-over-month basis in May, topping the 0.1-percent consensus as 15 of 20 economic sectors reported growth and goods-producing industries advanced. Manufacturers generated the biggest upside contribution—most likely on a rise in export demand—and retail...

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