US Fed
Canada hikes +50 bps and signals near end of tightening cycle. European data better than expected, supporting EUR. US dollar broadly weaker
Canada hikes +50 bps and signals near end of tightening cycle. European data better than expected, supporting EUR. US dollar broadly weaker
US rates higher ahead of Powell, equities slightly lower. Optimism around an eventual end to the China zero-Covid policy continues to grow
US rates higher ahead of Powell, equities slightly lower. Optimism around an eventual end to the China zero-Covid policy continues to grow
Market more sensitive to weaker than stronger data releases. Softer US PMIs and higher jobless claims push US rates and USD lower. NZ rates curve much higher and flatter on hawkish RBNZ signals
1
Market more sensitive to weaker than stronger data releases. Softer US PMIs and higher jobless claims push US rates and USD lower. NZ rates curve much higher and flatter on hawkish RBNZ signals
Currencies little changed, consolidating after their recent big moves. UST 10-year rate continues to grind lower and 2y10y yield curve reaches its most inverted level since early 1980s, warning of recession next year
Currencies little changed, consolidating after their recent big moves. UST 10-year rate continues to grind lower and 2y10y yield curve reaches its most inverted level since early 1980s, warning of recession next year
US Treasury yields slightly lower ahead of key US CPI report tonight. Cryptocurrency meltdown adds to negative risk sentiment. US election outcome won't be known for weeks
US Treasury yields slightly lower ahead of key US CPI report tonight. Cryptocurrency meltdown adds to negative risk sentiment. US election outcome won't be known for weeks
Fed hikes 75bps but statement consistent with a dovish pivot. NZ labour market very tight, encouraging market to think of a 75bps RBNZ hike later this month
2
Fed hikes 75bps but statement consistent with a dovish pivot. NZ labour market very tight, encouraging market to think of a 75bps RBNZ hike later this month
Global rates continue to fall away as monetary policy tightening expectations fade. But higher Australian CPI sees economists scrambling to revise rate projections up but market already there
Global rates continue to fall away as monetary policy tightening expectations fade. But higher Australian CPI sees economists scrambling to revise rate projections up but market already there
Relentless rise in global rates continues against a backdrop of higher inflation concerns. US 2 and 10-year rates up 11bps; NZ rates much higher as market prices in a much more aggressive tightening cycle
2
Relentless rise in global rates continues against a backdrop of higher inflation concerns. US 2 and 10-year rates up 11bps; NZ rates much higher as market prices in a much more aggressive tightening cycle
Market focus remains on the UK. BoE's Bailey talks tough publicly, not so much privately, causing some market volatility. Media reports that the UK government will U-turn on its fiscal proposals
3
Market focus remains on the UK. BoE's Bailey talks tough publicly, not so much privately, causing some market volatility. Media reports that the UK government will U-turn on its fiscal proposals
Stronger ISM Services index drives a big lift in global rates and the USD. US 10-year back above 3.75%, EUR back below 0.99. OPEC+ announced 2m barrels per day reduction to oil supply quotas
3
Stronger ISM Services index drives a big lift in global rates and the USD. US 10-year back above 3.75%, EUR back below 0.99. OPEC+ announced 2m barrels per day reduction to oil supply quotas
Bank of England intervenes in the UK Gilts market to restore market order. This triggers a significant massive reaction and risk appetite recovers
3
Bank of England intervenes in the UK Gilts market to restore market order. This triggers a significant massive reaction and risk appetite recovers
Fed hikes cash rate by 75bps, as widely expected. Updated 'dot plot' show +125bps of hikes over remaining two meetings this year. USD stronger on the day, although off its intraday highs as risk appetite rebounds
5
Fed hikes cash rate by 75bps, as widely expected. Updated 'dot plot' show +125bps of hikes over remaining two meetings this year. USD stronger on the day, although off its intraday highs as risk appetite rebounds
Markets consolidate following their big moves after the US CPI surprise. JPY the big mover in currency markets, up around 1% as Japan steps up its warnings of FX intervention
1
Markets consolidate following their big moves after the US CPI surprise. JPY the big mover in currency markets, up around 1% as Japan steps up its warnings of FX intervention
USD strength yesterday sees many new FX milestones but a reversal overnight on higher risk appetite also notable. Oil down over 5% to 7-month low
4
USD strength yesterday sees many new FX milestones but a reversal overnight on higher risk appetite also notable. Oil down over 5% to 7-month low
No fireworks at month-end, just more of the same. Equity markets push lower, global rates push higher, ending horror month for bond investors
1
No fireworks at month-end, just more of the same. Equity markets push lower, global rates push higher, ending horror month for bond investors