Yen
Weaker US PPI inflation, higher jobless claims play to theme of weaker US economy and moderating inflation pressures, adding in expectations of just one more Fed rate hike, USD remains under pressure; US Treasury yields slightly higher
14th Apr 23, 7:47am
Weaker US PPI inflation, higher jobless claims play to theme of weaker US economy and moderating inflation pressures, adding in expectations of just one more Fed rate hike, USD remains under pressure; US Treasury yields slightly higher
US CPI rises just 0.1% m/m; core up 0.4% - strong enough to maintain expectations for another likely Fed hike next month. US Treasury yields fall post CPI but then reverses much of that price action
13th Apr 23, 7:50am
US CPI rises just 0.1% m/m; core up 0.4% - strong enough to maintain expectations for another likely Fed hike next month. US Treasury yields fall post CPI but then reverses much of that price action
US Treasury yields push higher, ahead of key CPI data tonight. IMF downgrades forecasts. China credit growth strong
12th Apr 23, 7:49am
US Treasury yields push higher, ahead of key CPI data tonight. IMF downgrades forecasts. China credit growth strong
US Treasury yields higher after solid non-farm payrolls report; other labour market data show clearer weaker trends. USD broadly stronger. NZD re-tests sub-0.62 level
11th Apr 23, 7:56am
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US Treasury yields higher after solid non-farm payrolls report; other labour market data show clearer weaker trends. USD broadly stronger. NZD re-tests sub-0.62 level
Weaker US ADP employment and services ISM data push US Treasury yields lower. RBNZ shocks with a 50bps hike. NZ curve flattens; market sees a good chance of easier policy in the second half, when the economy is likely to be deeper in recession
6th Apr 23, 7:58am
Weaker US ADP employment and services ISM data push US Treasury yields lower. RBNZ shocks with a 50bps hike. NZ curve flattens; market sees a good chance of easier policy in the second half, when the economy is likely to be deeper in recession
US JOLTS labour market report shows much weaker demand for labour - US Treasury yields down 6-12bps, equities weaker, USD weaker. RBA opts for a pause
5th Apr 23, 8:04am
US JOLTS labour market report shows much weaker demand for labour - US Treasury yields down 6-12bps, equities weaker, USD weaker. RBA opts for a pause
Higher oil prices drive global rates higher but reversal follows after weak US ISM manufacturing report; net change in yields is lower. NZ QSBO today; RBA meeting with consensus tilted towards a pause, market more convicted in that call than economists
4th Apr 23, 7:51am
Higher oil prices drive global rates higher but reversal follows after weak US ISM manufacturing report; net change in yields is lower. NZ QSBO today; RBA meeting with consensus tilted towards a pause, market more convicted in that call than economists
Weaker than expected US core PCE deflator drives US Treasuries down 8-11bps. Spillover to European yields. Banks borrow less in aggregate from the Fed, further sign that the most acute phase of liquidity crisis is over
3rd Apr 23, 7:46am
Weaker than expected US core PCE deflator drives US Treasuries down 8-11bps. Spillover to European yields. Banks borrow less in aggregate from the Fed, further sign that the most acute phase of liquidity crisis is over
Market conditions calm (again); equities push higher, US Treasuries well contained. German inflation falls but core inflation in Euro area too strong for comfort
31st Mar 23, 7:53am
Market conditions calm (again); equities push higher, US Treasuries well contained. German inflation falls but core inflation in Euro area too strong for comfort
Risk sentiment improves on much calmer markets and some positive indicators. Global rates movements contained
30th Mar 23, 8:05am
Risk sentiment improves on much calmer markets and some positive indicators. Global rates movements contained
Markets calm compared to recent weeks. Global rates push higher. US equities push lower. 'No news' is not bad news
29th Mar 23, 7:51am
Markets calm compared to recent weeks. Global rates push higher. US equities push lower. 'No news' is not bad news
Improved confidence drives global rates significantly higher; US 2-year rate back at 4%; front-end led curve flattening. And there were some modest gains in equities despite big lift in rates
28th Mar 23, 7:54am
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Improved confidence drives global rates significantly higher; US 2-year rate back at 4%; front-end led curve flattening. And there were some modest gains in equities despite big lift in rates
Deutsche Bank comes under speculative selling pressure on Friday; weighs down European equities and euro. Authorities continue to convey confidence in the resilience of the US banking system; US equities show modest gains
27th Mar 23, 7:44am
Deutsche Bank comes under speculative selling pressure on Friday; weighs down European equities and euro. Authorities continue to convey confidence in the resilience of the US banking system; US equities show modest gains
Risk recovers a touch; US equities higher after yesterday's late dip. BoE hikes 25bps; SNB hikes 50bps. US rates settle lower post Fed; US10s around 3.44%
24th Mar 23, 8:11am
Risk recovers a touch; US equities higher after yesterday's late dip. BoE hikes 25bps; SNB hikes 50bps. US rates settle lower post Fed; US10s around 3.44%
Fed opts for a 25bps hike, taking the Fed Funds target range to 4.75-5%; softens policy guidance as tighter credit conditions will weigh on activity and inflation
23rd Mar 23, 7:58am
Fed opts for a 25bps hike, taking the Fed Funds target range to 4.75-5%; softens policy guidance as tighter credit conditions will weigh on activity and inflation
Risk appetite improves on ongoing support from the authorities to help contain banking system contagion. Global equities and rates higher; US 2-year Treasuries up 19bps, 10-year rate up 10bps
22nd Mar 23, 7:50am
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Risk appetite improves on ongoing support from the authorities to help contain banking system contagion. Global equities and rates higher; US 2-year Treasuries up 19bps, 10-year rate up 10bps
Early lift in risk appetite gives way to renewed concern over wipe-out of AT1 note holders, but risk appetite does recover. US bank stocks mostly higher but First Republic Bank in more trouble
21st Mar 23, 7:53am
Early lift in risk appetite gives way to renewed concern over wipe-out of AT1 note holders, but risk appetite does recover. US bank stocks mostly higher but First Republic Bank in more trouble
US bank's tap Fed for US$165 bln in borrowing via the discount window and emergency loan program. Focus this week will remain on distress in funding markets; Uncertainty reins
20th Mar 23, 7:49am
US bank's tap Fed for US$165 bln in borrowing via the discount window and emergency loan program. Focus this week will remain on distress in funding markets; Uncertainty reins
Market sentiment improves as Credit Suisse gets support from Swiss central bank. ECB follows through with 50bp hike. Equity markets rise as financials recovery some lost ground
17th Mar 23, 7:51am
Market sentiment improves as Credit Suisse gets support from Swiss central bank. ECB follows through with 50bp hike. Equity markets rise as financials recovery some lost ground
Risk appetite plunges. Market calls time on Fed rate hike cycle - much easier policy priced from June meeting; ECB hike for tonight pared down. NZD mixed despite warning from S&P on NZs massive current account deficit
16th Mar 23, 7:58am
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Risk appetite plunges. Market calls time on Fed rate hike cycle - much easier policy priced from June meeting; ECB hike for tonight pared down. NZD mixed despite warning from S&P on NZs massive current account deficit
Another wild trading session, but conditions now seem to have settled; worst of the turbulence over? US CPI data close to market expectations; core inflation pressures still too high for comfort; market biased towards a 25bps Fed hike next week
15th Mar 23, 8:01am
Another wild trading session, but conditions now seem to have settled; worst of the turbulence over? US CPI data close to market expectations; core inflation pressures still too high for comfort; market biased towards a 25bps Fed hike next week
Market significantly reprices monetary policy outlook; easier policy back in sight for second half in the US. Treasury yields plunge, led by short end. Risk appetite weaker but NZD (+1.7%) outperforms, alongside AUD and JPY
14th Mar 23, 7:59am
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Market significantly reprices monetary policy outlook; easier policy back in sight for second half in the US. Treasury yields plunge, led by short end. Risk appetite weaker but NZD (+1.7%) outperforms, alongside AUD and JPY
US monetary policy expectations reverse course. Bank collapse overshadows US employment report; strong employment but unemployment rises and wages soft
13th Mar 23, 7:44am
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US monetary policy expectations reverse course. Bank collapse overshadows US employment report; strong employment but unemployment rises and wages soft
US jobless claims show a notable lift; Challenger job layoffs surge even higher. The softer US labour market data drive US Treasury yields lower; 2-year rate back below 5%, 10-year rate below 4%
10th Mar 23, 7:43am
US jobless claims show a notable lift; Challenger job layoffs surge even higher. The softer US labour market data drive US Treasury yields lower; 2-year rate back below 5%, 10-year rate below 4%
US 2s10s inverts further with higher short end rates and lower long term rates. Bank of Canada pauses tightening cycle as expected. NZ 2-year rate swap blasts up through 5.5% on global forces
9th Mar 23, 8:04am
US 2s10s inverts further with higher short end rates and lower long term rates. Bank of Canada pauses tightening cycle as expected. NZ 2-year rate swap blasts up through 5.5% on global forces