Yuan

The RBA cut rates by 25bp to 3.85% as expected and moved to a more dovish stance. The market priced additional easing and NZD/AUD gained. A weak government bond auction contributed to a surge in long end JGB yields

The RBA cut rates by 25bp to 3.85% as expected and moved to a more dovish stance. The market priced additional easing and NZD/AUD gained. A weak government bond auction contributed to a surge in long end JGB yields

Initial weak risk sentiment linked to the US credit rating downgrade reverses. US 30-year yields reached 5.04%, the highest level since late 2023, before retracing. US dollar broadly weaker

Initial weak risk sentiment linked to the US credit rating downgrade reverses. US 30-year yields reached 5.04%, the highest level since late 2023, before retracing. US dollar broadly weaker

US consumer sentiment falls to historical lows, inflation expectations shoot higher. Trump's tax bill fails early in the process, a rare event. Moody's downgrades US credit rating. NZ inflation expectations rise; domestic rates market underperforms

US consumer sentiment falls to historical lows, inflation expectations shoot higher. Trump's tax bill fails early in the process, a rare event. Moody's downgrades US credit rating. NZ inflation expectations rise; domestic rates market underperforms

In a heavy US data release day, activity and pricing indicators were weak, driving down US rates and supported US equities. The NZD and AUD underperform again

In a heavy US data release day, activity and pricing indicators were weak, driving down US rates and supported US equities. The NZD and AUD underperform again

US Treasury yields push higher as focus turns to the US fiscal outlook. US equities 'consolidate'. Despite talk, currency markets little-changed

US Treasury yields push higher as focus turns to the US fiscal outlook. US equities 'consolidate'. Despite talk, currency markets little-changed

US CPI report softer than expected, but rates market largely ignores it, with a focus on tariffs lifting future inflation; US Treasury yields push higher, with 10-year rate hitting 4.5%

US CPI report softer than expected, but rates market largely ignores it, with a focus on tariffs lifting future inflation; US Treasury yields push higher, with 10-year rate hitting 4.5%

Significant de-escalation of the US-China trade war a better outcome than expected. Equity markets have soared. Global rates are much higher, USD rises strongly

Significant de-escalation of the US-China trade war a better outcome than expected. Equity markets have soared. Global rates are much higher, USD rises strongly

US asset markets look ahead to trade talks between the US and China. US claims ‘substantial progress’ in the negotiations. Chinese exports were surprisingly strong in April. Currency markets subdued overall

US asset markets look ahead to trade talks between the US and China. US claims ‘substantial progress’ in the negotiations. Chinese exports were surprisingly strong in April. Currency markets subdued overall

Risk sentiment is higher on trade war de-escalation with a US and UK trade “framework”. US equities are up over 1% and Treasury yields are up 10-13bps. Hopes for trade deals have supported the USD across the board

Risk sentiment is higher on trade war de-escalation with a US and UK trade “framework”. US equities are up over 1% and Treasury yields are up 10-13bps. Hopes for trade deals have supported the USD across the board

US Fed held rates steady and indicated the risk of higher inflation and unemployment had risen. More signs of a de-escalation in the trade war. China announced range of measures of economic support

US Fed held rates steady and indicated the risk of higher inflation and unemployment had risen. More signs of a de-escalation in the trade war. China announced range of measures of economic support

US equities are lower, US Treasury yields are lower, and the USD is broadly weaker, with the market remaining fixated on tariffs and the impact for the US economy. Strong GDT dairy auction and oil prices rebound 3%

US equities are lower, US Treasury yields are lower, and the USD is broadly weaker, with the market remaining fixated on tariffs and the impact for the US economy. Strong GDT dairy auction and oil prices rebound 3%

Taiwan dollar surges again, driven by speculation on trade deals. US-Japan trade negotiations not looking good for Japan so far. Stronger than expected ISM survey assuages fear of US economic recession

Taiwan dollar surges again, driven by speculation on trade deals. US-Japan trade negotiations not looking good for Japan so far. Stronger than expected ISM survey assuages fear of US economic recession

US equities higher after strong earnings reports from Microsoft and Meta; ISM PMI didn’t fall as much as expected, even if there are clear signs of cracks opening in the US economy. Chatter that the US is trying to initiate trade talks with China

US equities higher after strong earnings reports from Microsoft and Meta; ISM PMI didn’t fall as much as expected, even if there are clear signs of cracks opening in the US economy. Chatter that the US is trying to initiate trade talks with China

US economy contracts in Q1 amid a pre-tariff implementation surge in imports. Absolute moves in financial markets relatively small despite the economic data deluge

US economy contracts in Q1 amid a pre-tariff implementation surge in imports. Absolute moves in financial markets relatively small despite the economic data deluge

US economic data awful - exploding trade deficit adds to Q1 GDP downside risk; weaker consumer confidence and drop in job openings. Some backdown on auto tariffs but China won't "kneel down" on trade war

US economic data awful - exploding trade deficit adds to Q1 GDP downside risk; weaker consumer confidence and drop in job openings. Some backdown on auto tariffs but China won't "kneel down" on trade war