Currencies

Further macro uncertainty after a US court invalidated Trump’s ‘liberation day’ tariffs. An initial S&P500 rally following the decision faded. Soft US economic data brought lower US Treasury yields and a weaker US dollar

Further macro uncertainty after a US court invalidated Trump’s ‘liberation day’ tariffs. An initial S&P500 rally following the decision faded. Soft US economic data brought lower US Treasury yields and a weaker US dollar

Jim O'Neill points out that all the US president's latest pronouncements are undermining the greenback's standing

Jim O'Neill points out that all the US president's latest pronouncements are undermining the greenback's standing

Global rates higher with spillover from a poor ultra-long bond auction in Japan, but the UST 10-yr rate hasn’t pushed much higher. The NZD sustained the modest gain seen after the RBNZ’s new neutral bias, following its rate cut

Global rates higher with spillover from a poor ultra-long bond auction in Japan, but the UST 10-yr rate hasn’t pushed much higher. The NZD sustained the modest gain seen after the RBNZ’s new neutral bias, following its rate cut

US equities surge, encouraged by de-escalation of US-EU trade tensions while US consumer confidence rebounds sharply. Japan's move to address issues with its ultra-long bond market supports global rates market, with rates falling around the globe

US equities surge, encouraged by de-escalation of US-EU trade tensions while US consumer confidence rebounds sharply. Japan's move to address issues with its ultra-long bond market supports global rates market, with rates falling around the globe

Could the euro replace the dollar as global reserve currency? It’s not getting any less likely, Sergi Basco says

Could the euro replace the dollar as global reserve currency? It’s not getting any less likely, Sergi Basco says

Trump backtracks on Friday's threat to impose 50% tariff on EU. Euro Stoxx 600 index up 1%, S&P500 futures up 1.3%; US 10-year Treasury future unchanged, reversing move in NZ session

Trump backtracks on Friday's threat to impose 50% tariff on EU. Euro Stoxx 600 index up 1%, S&P500 futures up 1.3%; US 10-year Treasury future unchanged, reversing move in NZ session

Roger J Kerr sees three strands of economic stimulus coming for the local economy. Meanwhile, bond markets react to compounding fiscal risks. And the RBA starts to yoyo exactly as the RBNZ has flip-flopped in the past

Roger J Kerr sees three strands of economic stimulus coming for the local economy. Meanwhile, bond markets react to compounding fiscal risks. And the RBA starts to yoyo exactly as the RBNZ has flip-flopped in the past

Trump threatened aggressive tariffs on the EU contributing to volatility in risk sensitive assets. S&P500 partially recovers from initial losses. Euro Stoxx down close to 2% and German bunds rally. US dollar broadly weaker

Trump threatened aggressive tariffs on the EU contributing to volatility in risk sensitive assets. S&P500 partially recovers from initial losses. Euro Stoxx down close to 2% and German bunds rally. US dollar broadly weaker

US PMIs resilient despite economic uncertainty. Euro-area PMIs soft. US dollar makes broad based gains. Modest increase in the NZGB borrowing programme forecast at the Budget

US PMIs resilient despite economic uncertainty. Euro-area PMIs soft. US dollar makes broad based gains. Modest increase in the NZGB borrowing programme forecast at the Budget

Growing fiscal concerns and a weak UST 20-auction contributed to a large rise in long end treasury yields. Surge in yields weigh on US equities. UK CPI higher than expected. GBP/USD reached a 3-year high with less BOE easing priced

Growing fiscal concerns and a weak UST 20-auction contributed to a large rise in long end treasury yields. Surge in yields weigh on US equities. UK CPI higher than expected. GBP/USD reached a 3-year high with less BOE easing priced

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

Roger J Kerr says wild volatility from tariffs has left central banks in a total quandary on how to manage monetary policy

Roger J Kerr says wild volatility from tariffs has left central banks in a total quandary on how to manage monetary policy

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