Yuan
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
3
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
4
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
Barry Eichengreen asks why the widely predicted shift toward renminbi-dominated foreign reserves and payments has stalled
12th Mar 23, 5:12pm
Barry Eichengreen asks why the widely predicted shift toward renminbi-dominated foreign reserves and payments has stalled
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
Market unprepared for a more hawkish tone from Powell, sending US short rates higher. NZD down to fresh low for 2023 as RBA and BofE give softer tightening signals
8th Mar 23, 7:55am
Market unprepared for a more hawkish tone from Powell, sending US short rates higher. NZD down to fresh low for 2023 as RBA and BofE give softer tightening signals
Hawkish ECB comments send European rates and euro higher. US 10-year yield back up at 3.96% after falling just below 3.9%. NZD rates lower on global forces
7th Mar 23, 7:52am
1
Hawkish ECB comments send European rates and euro higher. US 10-year yield back up at 3.96% after falling just below 3.9%. NZD rates lower on global forces
Strong US ISM services print. But positive sign for bond market in that Treasury yields still finished the day down 10bps, back below 4%. Equities like the combo of robust data and lower rates, S&P up 1.6%
6th Mar 23, 7:44am
1
Strong US ISM services print. But positive sign for bond market in that Treasury yields still finished the day down 10bps, back below 4%. Equities like the combo of robust data and lower rates, S&P up 1.6%
Strong Euro area CPI data and strong US labour market data pave the way for further upside pressure in global rates. US 10-year rate pushes up to 4.09%. Equity markets not too fussed by higher rates
3rd Mar 23, 7:48am
Strong Euro area CPI data and strong US labour market data pave the way for further upside pressure in global rates. US 10-year rate pushes up to 4.09%. Equity markets not too fussed by higher rates
Global rates lift on German inflation, US ISM; US 10-year hits 4%. US dollar lower. AUD held back by weaker GDP, CPI
2nd Mar 23, 7:59am
Global rates lift on German inflation, US ISM; US 10-year hits 4%. US dollar lower. AUD held back by weaker GDP, CPI
For a change, US data releases negatively surprise. Upside surprises to Euro area country CPIs drive European rates higher, spilling over into US Treasuries
1st Mar 23, 8:00am
For a change, US data releases negatively surprise. Upside surprises to Euro area country CPIs drive European rates higher, spilling over into US Treasuries
Markets take a breather from recent trends - US Treasury yields down slightly, US equities up modestly. EU and UK agree a new trade deal regarding Northern Ireland, paving the way for better relationship
28th Feb 23, 7:56am
Markets take a breather from recent trends - US Treasury yields down slightly, US equities up modestly. EU and UK agree a new trade deal regarding Northern Ireland, paving the way for better relationship
USD broadly stronger; NZD, AUD and JPY fall over 1% Friday night; NZD closes at 0.6165, below key support of 0.62 and below 200-day moving average. Strong US PCE deflators extend global rates sell-off
27th Feb 23, 7:33am
USD broadly stronger; NZD, AUD and JPY fall over 1% Friday night; NZD closes at 0.6165, below key support of 0.62 and below 200-day moving average. Strong US PCE deflators extend global rates sell-off
US equities a bit lower, yields down a touch, USD marginally higher. Oil prices lift
24th Feb 23, 7:52am
US equities a bit lower, yields down a touch, USD marginally higher. Oil prices lift
US 10-year rate falls to 3.90% after hitting fresh three-month high just under 3.97%. Large wage increases for Toyota and Honda set strong early pace for Japan wage rounds, exactly what the BoJ is looking for
23rd Feb 23, 7:51am
7
US 10-year rate falls to 3.90% after hitting fresh three-month high just under 3.97%. Large wage increases for Toyota and Honda set strong early pace for Japan wage rounds, exactly what the BoJ is looking for
Stronger services PMIs suggest economies are more robust than previously believed. And play to theme of tighter for longer monetary policy. Global rates much higher, UST10s peak just under 3.95%
22nd Feb 23, 8:05am
14
Stronger services PMIs suggest economies are more robust than previously believed. And play to theme of tighter for longer monetary policy. Global rates much higher, UST10s peak just under 3.95%
A big upside surprise in US PPI plays to theme of stronger for longer inflation, keeping pressure on Fed to raise rates further. US Treasury yields rise
17th Feb 23, 7:51am
A big upside surprise in US PPI plays to theme of stronger for longer inflation, keeping pressure on Fed to raise rates further. US Treasury yields rise
US data generally stronger than expected, including blockbuster retail sales report. Global yields higher, lead by the longer end
16th Feb 23, 8:09am
US data generally stronger than expected, including blockbuster retail sales report. Global yields higher, lead by the longer end