Yen
USD/JPY marched up through 160 to a fresh 38-year high, raising the chance of yen intervention. The PBoC continues to allow a softer yuan, while the AUD outperformed after a strong monthly CPI that caught the market off guard
27th Jun 24, 7:45am
USD/JPY marched up through 160 to a fresh 38-year high, raising the chance of yen intervention. The PBoC continues to allow a softer yuan, while the AUD outperformed after a strong monthly CPI that caught the market off guard
Market movements well contained. US equities up modestly, US Treasuries yields up slightly and the USD index is slightly stronger. Canadian inflation positively surprised, but this had more impact on rates than the CAD
26th Jun 24, 7:43am
Market movements well contained. US equities up modestly, US Treasuries yields up slightly and the USD index is slightly stronger. Canadian inflation positively surprised, but this had more impact on rates than the CAD
The S&P500 is down slightly, US Treasury yields show little net change and the USD is broadly weaker. Oil prices continue to push higher
25th Jun 24, 7:33am
The S&P500 is down slightly, US Treasury yields show little net change and the USD is broadly weaker. Oil prices continue to push higher
Softer than expected PMI data across Europe contributed to a fall in German bund yields. In contrast, US PMI data was relatively robust with the composite index remaining near two-year highs. The US dollar was broadly stronger
24th Jun 24, 7:25am
Softer than expected PMI data across Europe contributed to a fall in German bund yields. In contrast, US PMI data was relatively robust with the composite index remaining near two-year highs. The US dollar was broadly stronger
There has been plenty of news to digest but market movements have been well-contained. The BoE opened the door for a first rate cut this cycle in August while the Swiss National Bank cut rates again
21st Jun 24, 7:38am
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There has been plenty of news to digest but market movements have been well-contained. The BoE opened the door for a first rate cut this cycle in August while the Swiss National Bank cut rates again
Markets confined to narrow ranges with the mid-week US public holiday impacting activity. Japan considering issuing bonds with shorter maturities as the Bank of Japan reduces its JGB purchases
20th Jun 24, 7:48am
Markets confined to narrow ranges with the mid-week US public holiday impacting activity. Japan considering issuing bonds with shorter maturities as the Bank of Japan reduces its JGB purchases
A weaker than expected US retail sales report supported US Treasuries, dragging the 10-year rate down to as low as 4.20% and pushed down the USD, reversing earlier strength. The AUD has outperformed after a more hawkish than expected RBA update
19th Jun 24, 7:48am
A weaker than expected US retail sales report supported US Treasuries, dragging the 10-year rate down to as low as 4.20% and pushed down the USD, reversing earlier strength. The AUD has outperformed after a more hawkish than expected RBA update
US equities have continued their record-breaking run while, after last week’s strong rally, US Treasury yields are modestly higher. European markets have settled after last week’s selloff, with French assets recovering
18th Jun 24, 7:33am
US equities have continued their record-breaking run while, after last week’s strong rally, US Treasury yields are modestly higher. European markets have settled after last week’s selloff, with French assets recovering
A risk off tone dominated global markets into the end of last week as concern about the political crisis in France deepened. US consumer confidence weaker than expected. Global bond yields moved lower
17th Jun 24, 7:25am
A risk off tone dominated global markets into the end of last week as concern about the political crisis in France deepened. US consumer confidence weaker than expected. Global bond yields moved lower
Much softer than expected US PPI data and a further increase in jobless claims supported US Treasuries, taking yields down 7-8bps across the curve. Concerns around France remain the focus. Some flight-to-safety evident
14th Jun 24, 7:52am
Much softer than expected US PPI data and a further increase in jobless claims supported US Treasuries, taking yields down 7-8bps across the curve. Concerns around France remain the focus. Some flight-to-safety evident
The US Fed left rates on hold for a seventh straight meeting as was unanimously expected. Officials signaled they expect to cut rates by 25bps this year, down from 75bps at the March FOMC. US CPI data for May was softer than expected
13th Jun 24, 7:47am
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The US Fed left rates on hold for a seventh straight meeting as was unanimously expected. Officials signaled they expect to cut rates by 25bps this year, down from 75bps at the March FOMC. US CPI data for May was softer than expected
There has been more fallout from French President Macron’s decision to call early parliamentary elections, with a flight to quality within European assets. US rates have pushed lower ahead of the key US CPI report
12th Jun 24, 7:56am
There has been more fallout from French President Macron’s decision to call early parliamentary elections, with a flight to quality within European assets. US rates have pushed lower ahead of the key US CPI report
The outcome of European Parliament elections has been the key driver of markets. Elsewhere, markets holding until US CPI data and the Fed’s policy updates later in the week
11th Jun 24, 7:44am
The outcome of European Parliament elections has been the key driver of markets. Elsewhere, markets holding until US CPI data and the Fed’s policy updates later in the week
An upside surprise to US nonfarm payrolls and strong wage growth pushed global bond yields sharply higher. The USD made broad gains. Markets trimmed expectations for Fed easing, pushing back a cut to December
10th Jun 24, 7:22am
An upside surprise to US nonfarm payrolls and strong wage growth pushed global bond yields sharply higher. The USD made broad gains. Markets trimmed expectations for Fed easing, pushing back a cut to December
Net market movements have been mostly small, with signs of consolidation across equities, bonds and currencies. European rates are slightly higher after the ECB’s “hawkish cut” and US Treasury yields are little changed
7th Jun 24, 7:47am
Net market movements have been mostly small, with signs of consolidation across equities, bonds and currencies. European rates are slightly higher after the ECB’s “hawkish cut” and US Treasury yields are little changed
Buoyant investor risk sentiment underpinned global equities with the S&P up nearly 1% and retesting its record high. US service ISM rebounds strongly from contractionary levels in April. The Bank of Canada cut rates by 25bps
6th Jun 24, 7:59am
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Buoyant investor risk sentiment underpinned global equities with the S&P up nearly 1% and retesting its record high. US service ISM rebounds strongly from contractionary levels in April. The Bank of Canada cut rates by 25bps
US Treasury yields fell for a fourth successive day, seeing the 10-year rate down towards 4.3%, supported by safe-haven flows after some surprising emerging market election results, lower oil prices, and softer US labour market data
5th Jun 24, 7:36am
US Treasury yields fell for a fourth successive day, seeing the 10-year rate down towards 4.3%, supported by safe-haven flows after some surprising emerging market election results, lower oil prices, and softer US labour market data
Weaker than expected US manufacturing ISM data contributed to a rally in US treasuries and a weaker US dollar. Oil prices fell sharply after OPEC+ announced plans to phase out its production cutbacks
4th Jun 24, 7:32am
Weaker than expected US manufacturing ISM data contributed to a rally in US treasuries and a weaker US dollar. Oil prices fell sharply after OPEC+ announced plans to phase out its production cutbacks
US Treasury yields reversed course after their rise this week, encouraged by weaker data releases overnight. The 10-year rate is down 7bps to 4.54% with a slightly flatter curve
31st May 24, 7:43am
US Treasury yields reversed course after their rise this week, encouraged by weaker data releases overnight. The 10-year rate is down 7bps to 4.54% with a slightly flatter curve
A continued move higher in global bond yields and tepid demand for US treasury supply weighed on investor risk appetite. Global equities fell with European indices close to 1% weaker
30th May 24, 7:50am
A continued move higher in global bond yields and tepid demand for US treasury supply weighed on investor risk appetite. Global equities fell with European indices close to 1% weaker
A surprise jump in US consumer confidence and weak demand for US Treasuries at the 2 and 5-year auctions drove up US rates, the 10-year rate rising over 7bps. The USD rose
29th May 24, 7:43am
A surprise jump in US consumer confidence and weak demand for US Treasuries at the 2 and 5-year auctions drove up US rates, the 10-year rate rising over 7bps. The USD rose
US & UK holidays tone down markets. Some dovish comments from key ECB members pushed down European yields; US equity futures are slightly higher, and US 10-year Treasury futures are little changed
28th May 24, 7:39am
US & UK holidays tone down markets. Some dovish comments from key ECB members pushed down European yields; US equity futures are slightly higher, and US 10-year Treasury futures are little changed
Moderation in US consumers’ inflation expectations underpins investor risk appetite. US Treasuries ended little-changed while the US dollar was weaker. Global equity markets were mixed in the absence of first tier economic data or fresh catalysts
27th May 24, 7:33am
Moderation in US consumers’ inflation expectations underpins investor risk appetite. US Treasuries ended little-changed while the US dollar was weaker. Global equity markets were mixed in the absence of first tier economic data or fresh catalysts
Much stronger than expected US PMI data drove US rates and the USD higher and US equities lower. This saw the NZD lose earlier gains, but the spillover from the hawkish RBNZ policy update continued, with domestic rates higher
24th May 24, 7:51am
Much stronger than expected US PMI data drove US rates and the USD higher and US equities lower. This saw the NZD lose earlier gains, but the spillover from the hawkish RBNZ policy update continued, with domestic rates higher
FOMC minutes for the May meeting were mildly hawkish. An upward surprise to UK CPI data contributed to sharp unwinding of BOE rate cut expectations. BNZ pushes back NZ rate cut expectation to February 2025
23rd May 24, 7:41am
FOMC minutes for the May meeting were mildly hawkish. An upward surprise to UK CPI data contributed to sharp unwinding of BOE rate cut expectations. BNZ pushes back NZ rate cut expectation to February 2025