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Summary US Treasuries have not traded in cash market, while the December futures point to a couple basis points higher yield. The Australian dollar initially rose edged above the pre-weekend high to almost $0.6735 before sellers emerged that pushed it below $0.6680. Weakness i...
Summary Only the Russian rouble and Peruvian sol in the emerging market space gained against the dollar. The euro was turned back from almost $1.02 at the start of the week, and the US CPI drove it below $1.00. Sterling posted a big outside down day on the back of the US CPI a...
Summary The FOMC may consider a full-point rate hike but will likely settle on delivering its third consecutive 75 basis-point increase. The BoE will meet on Thursday and it has a big decision to make. The FX world is closely watching everything out of Japan. US ...
Summary The dollar is well bid. It has risen to new two-year highs against the dollar bloc and Chinese yuan. The Fed is, depending on where you are, either the hero or the villain of the bullish dollar narrative. The series of mostly disappointing US economic data prompted the...
Summary The firmer-than-expected US CPI sent off a major reversal of the recent price action. It is a two-pronged issue. The euro extended yesterday's sell-off by 10-15 ticks to almost $0.9955 before finding new bids. The US dollar posted an outside up day against the Canadian...
Summary Japan is the only G7 central bank that is still pursuing quantitative easing and is the only G7 country that is projected to record a larger fiscal deficit than in 2021. The International Labor Organization says that UK unemployment unexpectedly fell to 3.6% in the three m...
Summary Last month, better-than-expected inflation numbers fueled a surge in stock prices before Fed Chair Powell poured cold water on the excitement of the bulls with his most hawkish speech of the year from Jackson Hole. I don’t know how the stock market will react this t...
Summary The greenback’s lows have been set in the European morning and have stretched the intraday momentum indicators. The yen is trading within the pre-weekend ranges. Emerging market currencies are also mostly higher, led by the central European currencies and the So...
Summary The hawks won the front-loading argument and the ECB’s council unanimously decided to raise all key rates by 75bp. The growth forecasts, while lowered, do not project a recession next year and thus provide the leeway for more forceful action. Markets now see a 5...
Summary The main economic data release for the trading week is the US inflation report. The UK economy is in a precarious position and facing a recession. Chinese President Xi is expected to meet with Russian President Putin at the Shanghai Cooperation Organisation summit in U...
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