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USD

26 Oct 2025

Positive risk vibes

• Upbeat tone. Softer US inflation, solid PMIs & positive US/China trade talks support risk sentiment. Equities rose. AUD & NZD strengthen.• US Fed. Upside US inflation risks fading while downside jobs risks rising. US Fed looks set to cut rates this week & should keep door open to more.• AU inflation. Gov. Bullock speaks tonight, Q3 CPI due Weds. Monthly data points to uptick in Q3 inflation. RBA rate cut pricing may be pared back. Global Trends A combination of factors underpinned risk sentiment at the end of last week and in this morning’s early Asian trade. US and...

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24 Oct 2025

Dollar retreats as US inflation slows

Underlying consumer price growth decelerated in the United States last month, clearing the way for a second consecutive rate cut from the Federal Reserve at next week’s meeting, and putting downward pressure on the dollar. According to delayed data published by the Bureau of Labor Statistics this morning, the core consumer price index—with highly-volatile food and energy prices excluded—rose 0.2 percent in September, accelerating slightly from August’s 0.3-percent increase, and rising 3.0 percent on a year-over-year basis. This undershot consensus estimates among economists polled by the major data providers ahead of the release, and was the slowest pace recorded in...

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24 Oct 2025

Traders brace for US inflation print, Canadian dollar shrugs off Trump trade threats

Currency markets are trading with a slight risk-off flavour as investors await the release of the delayed September inflation report later this morning. Economists expect headline inflation to accelerate slightly on a year-over-year basis, while the less-volatile core measure holds steady, but there is considerable uncertainty around the extent to which tariff-led price increases have translated into upward pressure on goods costs. The dollar is edging higher against a basket of its major peers, ten-year Treasury yields are holding just below the 4 percent threshold, and equity futures are pointing to a stronger open after a series of relatively-positive earnings...

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23 Oct 2025

US CPI in focus

• Mixed signals. Sanctions on Russian producers boosted oil prices. Limited spillover into other markets. Equities rose. AUD outperformed overnight.• US inflation. US CPI due tonight. US government shutdown delayed it. Diverging ‘goods’ & ‘services’ price trends at play. Data may generate USD vol. Global Trends Geopolitical developments generated a little volatility across a few markets overnight, though risk assets are generally firmer. US sanctions on some of Russia’s largest oil producers due to the lack of commitment to end the Ukraine war saw oil prices rise ~5%. That said, at ~$66/brl brent crude is still tracking below its 1-year...

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22 Oct 2025

Swings & roundabouts

• Push-pull. Pockets of vol. in some asset classes. US equities eased, bond yields consolidated & USD tread water. AUD & NZD held steady.• US CPI. US Gov. shutdown ongoing. But US CPI will be released Friday night. Diverging trends between ‘goods’ & ‘services’ prices. USD vol. likely.• AU macro. RBA Gov. Bullock speaks tomorrow. Q3 CPI due next week. Firmer inflation pressures may temper enthusiasm about RBA rate cuts. Global Trends There were pockets of volatility across some asset classes overnight on the back of some news headlines. But on net the moves were rather modest. Reports the Trump...

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