• ECB Cuts Key Benchmark Rates

    ECB Cuts Key Benchmark Rates

    • June 6, 2024

    In a move that echoes the Bank of Canada (BoC) yesterday, the European Central Bank (ECB) has cut all three key benchmark rates today, marking its first rate cut in five years. This also followed similar decisions by Sweden’s Riksbank and the Swiss National Bank (SNB). As widely anticipated, the ECB’s rate reduction has resulted

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  • BoC Cuts Rates and Signals Further Easing

    BoC Cuts Rates and Signals Further Easing

    • June 5, 2024

    As widely expected, the Bank of Canada (BoC) stepped up and reduced the Overnight Rate by 25 basis points to 4.75% today. This marks the central bank’s first rate cut in four years and highlights the first G7 country to pull the trigger and begin easing in this cycle. This also follows Sweden’s Riksbank and

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  • ADP Jobs Adds to Evidence of a Cooling Labour Market

    ADP Jobs Adds to Evidence of a Cooling Labour Market

    • June 5, 2024

    According to the May ADP National Employment Report – which covers 25 million employees in the US – total private sector employment increased by 152,000 payrolls in the month of May, slowing from April’s gain of 192,000 and comfortably south of Bloomberg’s median estimate of 175,000. Nela Richardson, chief economist at ADP, commented: ‘Job gains

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  • US JOLTs Indicates Cooling Jobs Market

    US JOLTs Indicates Cooling Jobs Market

    • June 4, 2024

    According to the Labor Department today, the Job Openings and Labor Turnover Survey, more commonly referred to as the JOLTs report, revealed job openings were lower than forecast in the month of April at 8.06 million (consensus: 8.4 million), down nearly 300,000 from March’s downwardly revised reading of 8.4 million. Healthcare and Social Assistance saw

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  • Bumper Week of Event Risk Ahead

    Bumper Week of Event Risk Ahead

    • June 1, 2024

    Featuring two central bank updates – the Bank of Canada and the European Central Bank – a slew of job numbers out of the US and Aussie GDP growth data, the first full week of June is poised to be eventful. The Week That Was Stateside, consumers were more optimistic in May. According to the

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  • US GDP Slows Amid Cutback in Consumer Spending

    US GDP Slows Amid Cutback in Consumer Spending

    • May 30, 2024

    According to the Bureau of Economic Analysis (BEA) today, the preliminary (second) estimate revealed a downward revision in GDP growth. US economic activity rose 1.3% (annualised) in Q1 2024, which was in line with market expectations and 0.3 percentage points lower than the annual rate of 1.6%, per the advance estimate released last month. This

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  • Elevated Aussie Inflation Places the Spotlight on AUD/USD Resistance

    Elevated Aussie Inflation Places the Spotlight on AUD/USD Resistance

    • May 29, 2024

    Overnight, Aussie inflation accelerated for a second successive month, according to the Monthly Consumer Price Index Indicator, rising +3.6% in the twelve months to April and surpassing the +3.4% median market estimate and the +3.5% print reported in March. This will be unwelcome news at the Reserve Bank of Australia (RBA) and highlights that we

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  • US Consumer Confidence Improves In May, Snapping a Three-Month Decline

    US Consumer Confidence Improves In May, Snapping a Three-Month Decline

    • May 28, 2024

    According to the US Conference Board today, consumers were more optimistic in May, with the Consumer Confidence Index rising to 102.0 from the upwardly revised print of 97.5 in April. This marks the first rise in three straight months. Heading into the event, expectations were for the Conference Board’s Consumer Confidence Index to drop from

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  • Final Full Week of May Welcomes Updated Inflation Data

    Final Full Week of May Welcomes Updated Inflation Data

    • May 25, 2024

    The Week That Was The Reserve Bank of New Zealand (RBNZ) stood pat on rates, consequently leaving the Official Cash Rate (OCR) at 5.50% for a seventh consecutive meeting. However, the central bank echoed a hawkish stance that propelled the New Zealand dollar (NZD) to a high of $0.6153. In a nutshell, the peak OCR

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  • What did the FOMC Minutes Offer?

    What did the FOMC Minutes Offer?

    • May 23, 2024

    A whisker south of all-time highs, the S&P 500 index (and bonds) moderately sold off following yesterday’s minutes’ release. US Treasury yields rose alongside the US Dollar Index, with the latter touching gloves with the underside of the 50-day simple moving average. Inflation clearly remains a key determinant for the US Federal Reserve. The latest

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  • UK CPI: Disinflation Trend Intact Despite Hotter Numbers

    UK CPI: Disinflation Trend Intact Despite Hotter Numbers

    • May 22, 2024

    UK CPI Inflation Data (April): Core CPI MM: 0.9% (Est: 0.7%; Prev: 0.6%) Core CPI YY: 3.9% (Est: 3.6%; Prev: 4.2%) Headline CPI MM: 0.3% (Est: 0.2%; Prev: 0.6%) Headline CPI YY: 2.3% (Est: 2.1%; Prev: 3.2%) CPI Services MM: 1.5% (Est: 1.1%; Prev: 0.6%) CPI Services YY: 5.9% (Est: 5.5%; Prev: 6.0%) Earlier this

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  • Canada’s CPI Inflation Data on the Radar

    Canada’s CPI Inflation Data on the Radar

    • May 21, 2024

    Overextended to the Downside in the Canadian Dollar Unsurprisingly, the CFTC COT positioning data shows that large speculators are heavily weighed on the short side of the Canadian dollar at the moment, which is at its highest since 2017 and resembles an overstretched market (reportable open interest is net short Canadian dollar futures by more

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