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NAB Markets (Metro) – What is the Pathway for Interest Rates?

NAB Markets (Metro) – What is the Pathway for Interest Rates?

8 February 2023

Tapas Strickland, Head of Markets Economics NAB, James Sheehan, Head of Business Markets NSW/ACT, and Tracy Ferguson State Director Business Markets NSW discuss the February 2023 RBA meeting and outlook, inflation, the labour market, and potential risks ahead.    

NAB Markets (Metro) – What is the Pathway for Interest Rates?

Webinar

Navigating the funding landscape in 2023

Navigating the funding landscape in 2023

13 December 2022

After the wild ride for funding in 2022, the new year is presenting banks with a new set of challenges to work through using a pragmatic and flexible approach to managing the task.

Navigating the funding landscape in 2023

Article

How to manage risk of margin pressure from Australian Dollar fluctuations

How to manage risk of margin pressure from Australian Dollar fluctuations

20 July 2022

Many Australian exporters and importers are seeing their margins eroded, due to factors such as rising input costs and challenges with drawn-out supply chains. Another potential hazard arises from the increased volatility in currency markets, in particular the value of the Australian Dollar relative to the United States Dollar. This year alone, it has traded […]

How to manage risk of margin pressure from Australian Dollar fluctuations

Article

Markets Today: Lovin’ You (Donald)

Markets Today: Lovin’ You (Donald)

11 January 2017

US small business owners tend to be Republican, and those who are member of the National Federation of Independent Businesses (NFIB) overwhelmingly so. Thus optimism among NFIB members surged to its highest level since 2004 in December and with the monthly increase, from 98.4 to 105.8, the largest since 1980.

Markets Today: Lovin’ You (Donald)
Markets Today: Brexit Poker Face

Markets Today: Brexit Poker Face

10 January 2017

Global equities were mostly lower overnight, dragged lower by the oil price. That added to an already uncertain tone following indications that the UK may be hurtling towards a harder Brexit than first thought.

Markets Today: Brexit Poker Face
Markets Today: Synergy

Markets Today: Synergy

9 January 2017

When thinking about a title for today’s note and the impact the US labour market report had on Friday’s session, Aristotle’s quote ” the whole is greater than the sum of its parts” seemed quite fitting, but way too long for a title.

Markets Today: Synergy
Markets Today:  Seasons Greetings

Markets Today: Seasons Greetings

23 December 2016

As the markets quieten down for the holiday break, we reflect on the tumultuous year we’ve just been through: Trump, Brexit, the rise of far-right politics and the tide of anti-immigration fervour.

Markets Today:  Seasons Greetings
Markets Today: Close but no cigar

Markets Today: Close but no cigar

22 December 2016

It seems unlikely that Italy’s largest Bank, Monte dei Paschi di Siena, will meet today’s timetable to raise five billion Euros and provide a lifeline beyond March.

Markets Today: Close but no cigar
Australian Markets Weekly: 19 December 2016

Australian Markets Weekly: 19 December 2016

20 December 2016

Australia’s population growth remains strong by historical and international standards at around 1.4% y/y. That is 338,000 persons in the past year – nearly equivalent to the population of Canberra being added to Australia each year.

Australian Markets Weekly: 19 December 2016
Markets Today: We can work it out

Markets Today: We can work it out

20 December 2016

Janet Yellen gave a talk this morning reinforcing the commentary around the strength of the US economy, pointing to steady growth in jobs and rising living standards. A less rosy picture for Australia, of course, but, not bad enough for ratings agencies to act.

Markets Today: We can work it out
Markets Today: Two become three

Markets Today: Two become three

15 December 2016

The US Fed delivered their anticipated 25 basis point rate hike this morning, but they surprised markets by announcing an expectation of three further rises in 2017, one more than previously anticipated.

Markets Today: Two become three
Markets Today: All things must pass

Markets Today: All things must pass

9 December 2016

Mario Draghi had the markets wondering whether the European Central Bank would extend its bond buying program or start tapering its commitment. In the end, it seems, they’ve done both.

Markets Today: All things must pass
Markets Today: Born this way

Markets Today: Born this way

7 December 2016

Back in March 2011 Lady Gaga’s hit “Born this way” was leading the music chart in Australia and Pink was number one on the Billboard chart.

Markets Today: Born this way
Markets Today: La Dolce Vita

Markets Today: La Dolce Vita

6 December 2016

The market’s knee jerk reaction to “no” outcome from the Italian referendum saw the Euro fall back by over a big figure for an hour or so, but that was it.

Markets Today: La Dolce Vita
Markets Today: Poor Wages

Markets Today: Poor Wages

5 December 2016

An early song from English progressive rock band Barclay James Harvest. No, it’s not on my playlist either.

Markets Today: Poor Wages
Markets Today: Pay 2 Play

Markets Today: Pay 2 Play

2 December 2016

Talk of oil cuts has been enough to see prices rise again overnight, up 15% this week. So what’s it doing to bond yields and the US dollar?

Markets Today: Pay 2 Play
Markets Today: Vienna

Markets Today: Vienna

1 December 2016

Oil prices shot up when OPEC announced that a deal had been reached in Vienna, giving special dispensation to Iran, but overall cuts across the group.

Markets Today: Vienna
Markets Today: Deal or no deal

Markets Today: Deal or no deal

30 November 2016

The key event this week will come from Vienna where ministers from OPEC are scheduled to meet and hopefully finalise the first cut in oil production in eight years.

Markets Today: Deal or no deal
Australian Markets Weekly: 28 November 2016

Australian Markets Weekly: 28 November 2016

28 November 2016

Rising oil prices from early this year and again from the middle of the year have been associated with rising medium-to-longer term US inflationary expectations (and indeed expectations globally).

Australian Markets Weekly: 28 November 2016
Markets Today: Higher Ground

Markets Today: Higher Ground

28 November 2016

Oil prices, of course, have a massive bearing on the rate of inflation throughout the world. That's why the outcome of OPEC talks this week are crucial.

Markets Today: Higher Ground
Markets Today: The life of a Thanksgiving Turkey

Markets Today: The life of a Thanksgiving Turkey

25 November 2016

In his 2007 best seller “The Black Swan” Nassim Taleb uses the life of a thanksgiving turkey as an analogy for explaining a black swan occurrence i.e. a tail event that is so remote that is completely unforeseen.

Markets Today: The life of a Thanksgiving Turkey
Markets Today: Big Jet Plane

Markets Today: Big Jet Plane

24 November 2016

The song by Angus and Julia Stone (my absolute favourite Sydney band) made number 1 on Triple J’s Hottest 100 songs of 2010 and was responsible for propelling them on to the international stage. Big jet planes were also responsible for the 4.8% jump in US October durable goods orders reported last night and which […]

Markets Today: Big Jet Plane
Markets Today: Magic bus

Markets Today: Magic bus

23 November 2016

The USD continued to march a little higher, the Bloomberg spot dollar index up another 0.14%, gains mostly against the Euro, the Yen, and Sterling, the latter from some self-inflicted news.

Markets Today: Magic bus
Markets Today: OPEC on “The Edge of Glory”

Markets Today: OPEC on “The Edge of Glory”

22 November 2016

The S&P 500 hit a new high overnight, largely because of a spike in oil prices as Vladimir Putin steps in and says he expects OPEC to reach a deal next week, and agreeing to limit production in Russia.

Markets Today: OPEC on “The Edge of Glory”
Markets Today: The (bond) song remains the same

Markets Today: The (bond) song remains the same

21 November 2016

A key question this week, for the AUD at least, is whether local exporters will continue to stand aside expectant of still better levels to initiate longer dated hedges and/or whether local real money will now look to lift hedge ratios.

Markets Today: The (bond) song remains the same
Markets Today: Tangled up in red

Markets Today: Tangled up in red

17 November 2016

It’s been an overnight session of digestion and reflection for the market, one week on now from the Presidential election.

Markets Today: Tangled up in red
Markets Today: Party in the USA

Markets Today: Party in the USA

16 November 2016

It’s been a night in which the US bond market has staged a mediocre rally – not quite a party – for most of the session, tilted to the belly of the curve and the long end. It looks to have been some profit taking after the surge in yields since the US election.

Markets Today: Party in the USA
Markets Today: For what is worth

Markets Today: For what is worth

15 November 2016

Leonard Cohen passed away last week and on my way in I was listening to a mix of folk tunes with the hope of finding one of his songs as a title for today’s note.

Markets Today: For what is worth
Australian Markets Weekly: 14 November 2016

Australian Markets Weekly: 14 November 2016

14 November 2016

While it is reasonable to expect economic change, the degree is understandably uncertain given that in recent days some of the President Elect’s policy positions have been softened and meanwhile policy initiatives will need to be approved by Congress.

Australian Markets Weekly: 14 November 2016
Markets Today: Back to reality

Markets Today: Back to reality

14 November 2016

Following the severe earthquake this morning in South Island NZ, the Wellington CBD is out of action including the BNZ Harbour Quays building. BNZ Markets will be operating from Auckland / Christchurch and DR sites.

Markets Today: Back to reality
Markets Today: Hate that I love you

Markets Today: Hate that I love you

11 November 2016

Prospects of greater US fiscal spending (infrastructure and tax cuts) under a Trump Presidency continue to buoy equity markets, while US bond markets are sold on the prospects that such policies are inflationary.

Markets Today: Hate that I love you
Markets Today: Bart to the future

Markets Today: Bart to the future

10 November 2016

16 Years ago the Simpsons episode “Bart to the future” aired for the first time with a plot partly consisting of Lisa becoming president of the United States. Lisa tries to get the country out of financial trouble due to the high levels of debt left by the previous president, Donald Trump.

Markets Today: Bart to the future
Markets Today: The heat is on

Markets Today: The heat is on

9 November 2016

And it’s on two fronts this morning. The first is of course the election outcome as America votes to elect its 45th President. The second story relates to news breaking out of China yesterday that the authorities are stepping in to take the heat out of coal and steel-related prices.

Markets Today: The heat is on
Markets Today: The final countdown

Markets Today: The final countdown

8 November 2016

Today feels a bit like a trip into the unknown with the US election entering its final stage as Americans head to the polls tonight.

Markets Today: The final countdown
Markets Today: House of fun

Markets Today: House of fun

4 November 2016

The focus for markets overnight was well and truly back on the UK with Sterling the stand-out performer overnight, trading this morning with a solid 1.24 handle, a full three big figures above where it opened the week.

Markets Today: House of fun
Markets Today: Comin’ back soon

Markets Today: Comin’ back soon

3 November 2016

This Fed meeting came with no press conference and updated forecasts for this meeting; that next comes at the December 15 meeting.

Markets Today: Comin’ back soon
Markets Today: Down in Mexico

Markets Today: Down in Mexico

2 November 2016

US Equities are off, the VIX is up, the US dollar is lower, US Treasury yields are lower and the Mexican Peso/Japanese Yen cross (-2.5%) is still proving to the be the FX market’s weapon of choice when it comes to reflecting sentiment regarding the prospect of Donald Trump.

Markets Today: Down in Mexico
Markets Today: Playing it cool

Markets Today: Playing it cool

1 November 2016

There was no scary ending to the month of October with markets in general playing it cool ahead of a busy week of data releases, central bank meetings and what is turning out to be a fairly dramatic US presidential election.

Markets Today: Playing it cool
Markets Today: The Fear

Markets Today: The Fear

31 October 2016

In the hour after it was announced that Hillary Clinton’s e-mails were the subject of a new FBI probe, USD/JPY dropped from Y105.50 to Y104.50, the S&P dropped 20 points or 1% with the VIX spiking by 19% and 10-year Treasuries dropped 2bps from 1.85% to 1.83%.

Markets Today: The Fear
Markets Today: Too Much [Brexit] Heaven?

Markets Today: Too Much [Brexit] Heaven?

28 October 2016

The Bee Gees 1979 classic “Too Much Heaven” pretty much sums up overnight news, with UK GDP printing much better than expected at 0.5% q/q against expectations of a 0.3% print.

Markets Today: Too Much [Brexit] Heaven?
Markets Today: Turbulence

Markets Today: Turbulence

27 October 2016

Turbulence, a little known track by American pop punk band Bowling for Soup appears to be an appropriate title for today’s note. The song was written by Jaret Reddick after he asked a pilot whether he found turbulence frightening.

Markets Today: Turbulence
Markets Today: Fresh Fruit

Markets Today: Fresh Fruit

26 October 2016

Seven years on from their 1974 classic ‘Whiter Shade of Pale’, Procol Harem’s light-hearted ode to the health benefits of fruit is set for a test today. Healthy on the body fruit may be, but possibly not on the hip pocket in Q3 according to our economists.

Markets Today: Fresh Fruit
Markets Today: Merger Monday

Markets Today: Merger Monday

25 October 2016

While European markets started the week in a lethargic mood, trading sideways for most of the day, US stocks opened higher following a series of merger announcements with the market also getting a boost from better than expected earnings reports.

Markets Today: Merger Monday
Australian Markets Weekly: 24 October 2016

Australian Markets Weekly: 24 October 2016

24 October 2016

With the RBA a keen inflation targetter, albeit within a flexible medium-term framework, each quarterly CPI reading provides an important update on current inflation trends and is a key input into the Bank’s forecasts.

Australian Markets Weekly: 24 October 2016
Markets Today: 80

Markets Today: 80

24 October 2016

Auction clearance rates in Australia this weekend hit 80% - not just in Sydney and Melbourne but nationally and for the first time since early 2015.

Markets Today: 80
Markets Today: O Canada!

Markets Today: O Canada!

20 October 2016

The revelation by Bank of Canada Governor Stephen Poloz following an as-expected unchanged monetary policy decision that the Bank ‘had actively discussed the possibility’ of further monetary policy easing at Wednesday’s meeting.

Markets Today: O Canada!
Markets Today: Counting the beat

Markets Today: Counting the beat

19 October 2016

Ahead of today’s welter of Chinese GDP and activity data, the AUD is trading this morning almost bang on where it was yesterday afternoon.

Markets Today: Counting the beat
Markets Today: Cautious Man

Markets Today: Cautious Man

18 October 2016

Bruce Springsteen cautious man tells the story of a man that has doubts about his marriage and in a similar way markets have started the week in a tentative mood reflecting some concerns on the outlook.

Markets Today: Cautious Man
Markets Today: Under (high) pressure

Markets Today: Under (high) pressure

17 October 2016

In contrast Janet Yellen’s speech in Boston did - primarily in the form of higher Treasury yields at the longer end of the curve and with that late-day support for U.S. dollar. NY Fed President Bill Dudley said he expects a rate rise this year on current forecasts.

Markets Today: Under (high) pressure
Markets Today: Bad [FOMC] Romance?

Markets Today: Bad [FOMC] Romance?

13 October 2016

While the FOMC Minutes captured the market’s attention, for your scribe the most instructive comments came from the Fed’s Dudley who serves as the FOMC vice-chair in his fireside chat overnight.

Markets Today: Bad [FOMC] Romance?
Markets Today: Chain Reaction

Markets Today: Chain Reaction

12 October 2016

Coming into work this morning I couldn’t help but think of Diana Ross’ Chain Reaction. It certainly was where US markets were concerned, with markets playing catch-up following the Columbus Day holiday to developments since the weekend.

Markets Today: Chain Reaction
Markets Today: Midnight oil

Markets Today: Midnight oil

11 October 2016

Well it wasn't exactly midnight, but close enough. In a night that was expected to be relatively quiet given the US was celebrating Columbus Day, oil prices provided some fireworks after President Putin announced his support to a production freeze or even cut in oil output.

Markets Today: Midnight oil
Markets Today: Inception

Markets Today: Inception

7 October 2016

Last night the ECB released its accounts of its September policy meeting and as expected there was no mention of tapering, the Bank reiterated its willingness and ability to ease further, if needed, while concerns over the lack of an uplift in core inflation was also evident.

Markets Today: Inception
Markets Today: Beautiful Lies

Markets Today: Beautiful Lies

6 October 2016

Last night’s US non-manufacturing ISM report was certainly something to behold, with not only the headline read of 57.1 more than reversing the August drip.

Markets Today: Beautiful Lies
Markets Today: Disturbia

Markets Today: Disturbia

5 October 2016

Core global yields and the Euro have been disturbed by a Bloomberg report claiming ECB officials were considering QE tapering while early in the session the Pound was under renewed pressure trading to a new post Brexit low.

Markets Today: Disturbia
Australian Markets Weekly: 3 October 2016

Australian Markets Weekly: 3 October 2016

3 October 2016

Having just returned from a client tour this past week in the Riverina in southern NSW, there was also one topic that is currently front and centre for local farmers, and that was “rain”.

Australian Markets Weekly: 3 October 2016
Markets Today: Somewhere over the rainbow

Markets Today: Somewhere over the rainbow

3 October 2016

Who says fairy tales don’t come true with the Western Bulldogs and Cronulla both taking the silverware in the AFL and NRL grand finals over the weekend. Great results for both teams.

Markets Today: Somewhere over the rainbow
Markets Today: Psycho Killer

Markets Today: Psycho Killer

29 September 2016

If Janet Yellen has been in the recording studio at the time, David Byrne might well have been directing his lyrics in her direction.

Markets Today: Psycho Killer
Markets Today: (Keep on) Rockin’ in the Free World

Markets Today: (Keep on) Rockin’ in the Free World

27 September 2016

Four hours before an estimate 100 million Americans tune in to watch the two wannabe leaders of the free world go head to head, and a Bloomberg poll published around 7pm Australian Eastern Time last night shows Clinton and Trump tied on 46%.

Markets Today: (Keep on) Rockin’ in the Free World
Markets Today: Who Let The Dogs Out?

Markets Today: Who Let The Dogs Out?

26 September 2016

Not a huge amount to say about Friday’s offshore markets (unlike Saturday night’s AFL preliminary final), characterised by a give-back of some of the post-FOMC stock market euphoria, fractionally lower US bonds yields and a slightly stronger dollar.

Markets Today: Who Let The Dogs Out?
Markets Today: Up, up and away

Markets Today: Up, up and away

22 September 2016

It’s now a sea of green in the US equity markets in reaction to the Fed leaving rates on hold this morning, leaving the Fed funds rate at 0.25-0.50%, as nearly universally expected.

Markets Today: Up, up and away
Markets Today: Don’t dream it’s over

Markets Today: Don’t dream it’s over

21 September 2016

A rather measured night again in the lead up to the FOMC tomorrow morning and the BoJ meeting today where the Bank has been honing its thinking on policy to lift inflation.

Markets Today: Don’t dream it’s over
Markets Today: Gasoline dreams

Markets Today: Gasoline dreams

20 September 2016

Markets have been tapping their fingers overnight in the lead up to the Fed meeting. Currencies have traded in very contained ranges, the USD only somewhat softer again with the US Treasury curve up 1-2 basis points for the session.

Markets Today: Gasoline dreams
Markets Today: Lies, damn lies and statistics

Markets Today: Lies, damn lies and statistics

19 September 2016

August U.S. CPI data turned out to be the driver of much of Friday night’s market price action. The 0.3% rise in the core CPI series pushed annual growth up to 2.3% from 2.2% - matching its post-recession cycle high and versus the 2.2% expected.

Markets Today: Lies, damn lies and statistics
Markets Today: From zero to hero

Markets Today: From zero to hero

16 September 2016

During the US dollar’s recent revival associated with deteriorating global risk sentiment and steepening yield curves, the commodity currencies – in particular the AUD and NZD – have been the hardest hit.

Markets Today: From zero to hero
Markets Today: Calm waters

Markets Today: Calm waters

15 September 2016

Mental preparations for another onslaught of selling bonds and equities offshore were put on the backburner with markets becalmed overnight.

Markets Today: Calm waters
Markets Today: Uneasy

Markets Today: Uneasy

14 September 2016

Yesterday Brainard's comments appeased fears of an imminent hike in September, but concerns of a rising belief within the Fed that the benefit of keeping monetary policy accommodative is waning appears have left markets uneasy

Markets Today: Uneasy
Markets Today: What a difference a day makes

Markets Today: What a difference a day makes

13 September 2016

Well there’s one conspiracy theory that has come to nought. That Fed Governor Brainard – a monetary policy dove to now – had become more policy hawkish and indicate that next week’s September 20-32 FOMC would be “live”.

Markets Today: What a difference a day makes
Markets Today: Spinning Around

Markets Today: Spinning Around

12 September 2016

If anyone harboured thoughts that global markets weren’t completely in the thrall of the ‘could they, would they?’ debate about the Fed’s 2016 intentions, they were disabused of the notion from the US get-go on Friday.

Markets Today: Spinning Around
Markets Today: Proud Mario

Markets Today: Proud Mario

9 September 2016

Three main developments overnight, a spike in oil prices, a somewhat more content ECB President, and a renewed AUD warning from RBA Governor Stevens in an AFR interview, the AUD in the wake of the interview pulling back from over 0.77 to 0.7642 this morning.

Markets Today: Proud Mario
Markets Today: Big up yourself

Markets Today: Big up yourself

8 September 2016

It has been a relatively quiet night for markets with the moves in GBP probably the major highlight. BoE Governor Carney faced the Treasury Select Committee in parliament and was quick to give himself a nice pat on the back for the bounce in business and consumer surveys in August.

Markets Today: Big up yourself
Markets Today: And then there were three

Markets Today: And then there were three

7 September 2016

The recent ramp up in Fed rhetoric aimed at putting the market on the scent of an imminent Fed funds rate hike took another blow last night following a sharp drop in the August ISM non-manufacturing index.

Markets Today: And then there were three
Markets Today: Britain’s Got Talent

Markets Today: Britain’s Got Talent

6 September 2016

In offshore markets depleted by the absence of the United States off for Labor Day, latest UK economic data and gyrations in the oil price captured most of the overnight headlines.

Markets Today: Britain’s Got Talent
Australian Markets Weekly: 5 September 2016

Australian Markets Weekly: 5 September 2016

5 September 2016

This week, we thought we would focus on three themes: (i) Friday night’s US labour market data; (ii) this week’s upcoming Australian Q2 GDP data; and (iii) some thoughts on apartment settlements.

Australian Markets Weekly: 5 September 2016
Markets Today: Jump (for my love)

Markets Today: Jump (for my love)

2 September 2016

Jump (for my love) was a classic 1980s hit by the Pointer Sisters and one suspects would be particularly high in the Spotify lists of several Fed officials after last night’s weaker than expected Manufacturing ISM.

Markets Today: Jump (for my love)
Markets Today: Spring time

Markets Today: Spring time

1 September 2016

One of the first things that I learned when I arrived in Australia a few years ago is that spring in southern hemisphere countries doesn’t start on the same day.

Markets Today: Spring time
Markets Today: Mixed emotions

Markets Today: Mixed emotions

30 August 2016

Apparently this 1989 hit by the Rolling Stones was written by Mick Jagger as a response to Keith Richards solo effort “You don’t move me”.

Markets Today: Mixed emotions
Markets Today: September Song

Markets Today: September Song

29 August 2016

Janet Yellen’s Friday morning appearance at Jackson Hole proved not to be the damp squib that many were expecting.

Markets Today: September Song
Markets Today: Speak now

Markets Today: Speak now

26 August 2016

In a night of still very contained major FX crosses, Fed commentary has started to kick in from Jackson Hole.

Markets Today: Speak now
Markets Today: (Janet’s) goin’ to Jackson

Markets Today: (Janet’s) goin’ to Jackson

25 August 2016

Only on line one and I already feel like I’m making this up, such is the state of market torpor in front of the Fed’s Jackson Hole symposium and as Sothern England basks in 30 degree summer sunshine – and uncharacteristically not for the first time this year.

Markets Today: (Janet’s) goin’ to Jackson
Markets Today: Poundcake

Markets Today: Poundcake

24 August 2016

It’s been a rather uneventful night for most of the major currencies, with the possible exception of Sterling.

Markets Today: Poundcake
Markets Today: Pulback

Markets Today: Pulback

23 August 2016

The rise in the USD and short dated UST yields on the back of Fed vice-chair Fisher's comments over the weekend have been partly unwound in the overnight session.

Markets Today: Pulback
Markets Today: John, I’m only dancing

Markets Today: John, I’m only dancing

22 August 2016

Friday looks to have shown FX traders to be the smartest guys in the room. Traditionally referred to as the ‘last market to clear’ (and so giving FX analysts such as this scribe a career) the dollar had put on a strong showing during the APAC session.

Markets Today: John, I’m only dancing
Markets Today: Won’t get fooled again

Markets Today: Won’t get fooled again

17 August 2016

It was an overnight session marked by two Fed speakers banging the drum (not as strongly as Keith Moon used to) warning that even the September 22 FOMC is not off the radar for a Fed rate increase.

Markets Today: Won’t get fooled again
Markets Today: An American Trilogy

Markets Today: An American Trilogy

16 August 2016

Europe had a quiet day with many continental countries observing Assumption day. The Stoxx 600 index ended the day flat and the FTSE100 climbed 0.36% aided by another move lower in Sterling.

Markets Today: An American Trilogy
Australian Markets Weekly: 15 August 2016

Australian Markets Weekly: 15 August 2016

15 August 2016

Spare capacity in the labour market seems to have been an important part of the RBA’s recent decision to lower the cash rate further. The linkage is low wages growth – which reflects this spare capacity – and which, as a key determinant of prices, impacts on the RBA’s outlook for inflation.

Australian Markets Weekly: 15 August 2016
Markets Today: Two Steps Forwards, One Step Back

Markets Today: Two Steps Forwards, One Step Back

15 August 2016

The previous Friday’s strong US payrolls report has become a somewhat hazy memory after a much softer than expected retail sales report on Friday that challenged prevailing confidence that the US consumer has entered Q3 in rude health.

Markets Today: Two Steps Forwards, One Step Back
Markets Today: 1999

Markets Today: 1999

12 August 2016

Almost 24 hours after yesterday’s decision by the RBNZ to lower the OCR by 25bps and the NZD USD is almost exactly where it was before the rate announcement.

Markets Today: 1999
Markets Today: Is that all you’ve got, Graeme?

Markets Today: Is that all you’ve got, Graeme?

11 August 2016

In delivering only 25bps cut to the OCR and which was more than 100% discounted ahead of time and the RBNZ’s latest 90-day bill track only implying one more cut, the NZD has predictably bounced sharply. It up just over 1% as we go to press.

Markets Today: Is that all you’ve got, Graeme?
Markets Today: Relax

Markets Today: Relax

10 August 2016

The overnight session was neither strongly risk-on nor risk-off; the AUD has been testing higher levels overnight with the big dollar sold lower during the US session.

Markets Today: Relax
Markets Today: Breathe

Markets Today: Breathe

9 August 2016

Breathe was Prodigy’s bestselling album in the UK despite the fact that radio play was restricted to the evening shows and although it would be hard to make any link with the song lyrics and market events.

Markets Today: Breathe
Markets Today: Working Man

Markets Today: Working Man

8 August 2016

There wasn’t much not to like about Friday’s July US payrolls report, the 255k rise in headline payrolls enhanced by 18k worth of upward revision to May and June and meaning that well over half a million more Americans are in work compared to just two months ago.

Markets Today: Working Man
Markets Today: Wrapped around your finger

Markets Today: Wrapped around your finger

5 August 2016

It was pretty much all about the Bank of England overnight ahead of payrolls tonight. As my colleague from London Nick Parsons reminded us, there was the real potential for the BoE to over-promise and under-deliver, net GBP shorts according to IMM data at the greatest level of this series.

Markets Today: Wrapped around your finger
Markets Today: You can’t always get what you want

Markets Today: You can’t always get what you want

3 August 2016

It was a toss-up this morning between the Rolling Stones classic and “You Can’t Hold a Good Man Down” by James and Bobby Purify (et al), both in reference (or deference) to the performance of the Aussie dollar in the aftermath of yesterday’s RBA rate cut.

Markets Today: You can’t always get what you want
Australian Markets Weekly:  1 August 2016

Australian Markets Weekly: 1 August 2016

2 August 2016

The market has continued to price toward the likelihood that the RBA will cut rates again at tomorrow’s Board meeting, pricing in this morning a 64% chance of an easing, with 36 of 47 economists surveyed by Reuters on Friday forecasting a cut this week.

Australian Markets Weekly:  1 August 2016
Markets Today: Take it easy

Markets Today: Take it easy

2 August 2016

Released overnight, the US ISM Manufacturing release for July was barely a miss, coming in at 52.6 against consensus of 53.0.

Markets Today: Take it easy
Markets Today: How deep is your growth?

Markets Today: How deep is your growth?

1 August 2016

Weaker than expected US economic growth for the June quarter after an underwhelming outcome from the Bank of Japan on Friday set the tone for markets on Friday and at the open today.

Markets Today: How deep is your growth?
Markets Today: Gimme Gimme Gimme (Stimulus)

Markets Today: Gimme Gimme Gimme (Stimulus)

29 July 2016

Gimme Gimme Gimme was ABBA’s most successful hit in Japan, reaching No.17 on the billboard charts in 1979. It might be time to dust that record off today ahead of the Bank of Japan meeting decision at around 12.45pm AEST.

Markets Today: Gimme Gimme Gimme (Stimulus)
Markets Today: Rumours

Markets Today: Rumours

28 July 2016

The revelation that the underlying CPI was not another repeat of the first quarter when growth was an anaemic 0.2% but pushed up this quarter to 0.5% had the market rethinking and repricing whether the RBA was indeed more likely than not to cut rates again next week.

Markets Today: Rumours
Markets Today: Suspicious minds

Markets Today: Suspicious minds

26 July 2016

After seven years without a hit, Elvis Presley reclaimed his title of “The King” following the release of Suspicious Minds.

Markets Today: Suspicious minds
Markets Today: Quiet start to a big week

Markets Today: Quiet start to a big week

25 July 2016

US equities indices edged a little bit higher on Friday despite mixed corporate earnings while European equities ended the day practically unchanged despite the fact that European Flash PMIs for July were better than expected.

Markets Today: Quiet start to a big week
Markets Today: Waiting on a prayer

Markets Today: Waiting on a prayer

22 July 2016

The ECB’s policy meeting has come and gone without any policy action, though none was expected. At 1.1025, the EUR sits where it was late yesterday in the wake of some intra-session ECB meeting volatility.

Markets Today: Waiting on a prayer
Markets Today: Feeling good

Markets Today: Feeling good

21 July 2016

As we are about to press the send button, the RBNZ has just released it economic update and although a dovish tone was expected, the NZD has dropped 25/30pips to around 0.6988.

Markets Today: Feeling good
Markets Today: Strange brew

Markets Today: Strange brew

20 July 2016

Yesterday’s RBA Minutes with its dovish take and concerns about the activity side of the economy saw the local rates market move to price in a higher above-50% probability of an August RBA move (from 59% to 63%).

Markets Today: Strange brew
Markets Today: Quiet times

Markets Today: Quiet times

19 July 2016

In a quiet session US and UK equity indices edged a little bit higher buoyed by technology and financial shares while European indices drifted lower weighted down by energy shares following a sharp drop in oil prices.

Markets Today: Quiet times
Markets Today: Crying Shame

Markets Today: Crying Shame

18 July 2016

News of the (now failed) attempted military coup attempt in Turkey started filtering though about half an hour before the US stock market close, too late to have much impact on cash indices which closed fairly flat but early enough to see the S&P500 futures lose 0.4% after the NYSE close

Markets Today: Crying Shame
Markets Today: I’m so tired

Markets Today: I’m so tired

14 July 2016

In 1968 John Lennon wrote this Beatles song after three weeks of meditation with Indian Gurus, equity markets have been on a tear for four days and now in a similar way they are also showing signs of fatigue.

Markets Today: I’m so tired
Markets Today: The only way is up

Markets Today: The only way is up

13 July 2016

Risk assets had another positive night boosted by the prospects of a new round of stimulus in some major economies and the removal of at least one source of UK political uncertainty.

Markets Today: The only way is up
Markets Today: 2 Become 1

Markets Today: 2 Become 1

12 July 2016

Anna Leadsom has stood down as a candidate for leadership of the UK Conservative Party, paving the way for Home Secretary Theresa May to be the next Prime Minister, expected to be formally installed Wednesday after PM Cameron’s resignation.

Markets Today: 2 Become 1
Markets Today: Career Opportunities

Markets Today: Career Opportunities

11 July 2016

he US non-farm payrolls headline rise of 287k comfortably exceeded expectations (180k) but wasn’t backed up by the subsidiary details in the report with the unemployment rate higher, small net downward revision to the prior two months payrolls and hourly earnings up just 0.1%.

Markets Today: Career Opportunities
Markets Today: (Any) Heartache tonight (?)

Markets Today: (Any) Heartache tonight (?)

8 July 2016

It was an eventful news day for the AUD yesterday, even if the currency was little changed, and is not breaking new ground this morning, S&P yesterday changing the outlook on Australia’s AAA rating from stable to negative.

Markets Today: (Any) Heartache tonight (?)
Markets Today: Selling England by the pound

Markets Today: Selling England by the pound

7 July 2016

Genesis’ 1973 album laments the loss of English folk culture and increasing American influence. 43 years on, England can now have back as much of the former as it cares for, but has to hope it can look forward to even more of the latter.

Markets Today: Selling England by the pound
Markets Today: Low

Markets Today: Low

6 July 2016

Core global yields have made new record lows amid an increase in risk aversion following news that a number of UK asset managers led by Standard Life were suspending redemptions on their property funds.

Markets Today: Low
Markets Today: Too close to call

Markets Today: Too close to call

4 July 2016

The outcome from this weekend’s Australian election remains too close to call. This uncertainty and lack of a clear majority has had a mild negative influence on the AUD/USD at the open.

Markets Today: Too close to call
Markets Today: Waves

Markets Today: Waves

1 July 2016

As a BBC commentator described it this morning, providing it doesn’t violate the laws of thermodynamics, anything can happen inside the British Conservative Party.

Markets Today: Waves
Markets Today: We gotta get out of this place

Markets Today: We gotta get out of this place

29 June 2016

Whether it’s a near to end-quarter rebalancing or just some short-term perceived value after the knee-jerk post-Brexit sell off, risk appetite had something of a positive session overnight with equities and top-tier bond yields higher.

Markets Today: We gotta get out of this place
Markets Today: Another Pounding

Markets Today: Another Pounding

28 June 2016

Equity markets on both sides of the Atlantic ended the day sharply lower, the British Pound fell another 3.6% and demand for safe haven assets boosted gold and dragged core global yields lower.

Markets Today: Another Pounding
Markets Today: D-I-V-O-R-C-E

Markets Today: D-I-V-O-R-C-E

27 June 2016

Lows for the day on Friday in all things GBP and AUD and highs for the USD and US Treasury prices came early to mid-afternoon Australian time almost as soon as it became clear the UK had voted for Brexit.

Markets Today: D-I-V-O-R-C-E
Markets Today: It ain’t over till it’s over

Markets Today: It ain’t over till it’s over

24 June 2016

Despite stormy weather in London and the south east, turnout has been reported to be high and although markets appear to have ‘Remain ‘ as the most likely outcome, recent history suggests that voting outcomes don’t always end as expected.

Markets Today: It ain’t over till it’s over
The sharing economy

The sharing economy

23 June 2016

Alan Oster discusses the influence of the sharing economy and explores how fast it is growing and its impact on the business community.

The sharing economy
Markets Today: Don’t Leave Me Now

Markets Today: Don’t Leave Me Now

23 June 2016

Pink Floyd’s 1979 song featured on The Wall tells the story of a couple who have treated each other very badly yet are devastated at the prospect of their relationship ending. This seems somewhat appropriate with us now just 9 hours away from polling getting underway in the UK EU referendum.

Markets Today: Don’t Leave Me Now
Markets Today: Doing my thing and doing it slow

Markets Today: Doing my thing and doing it slow

22 June 2016

Ahead of Thursday’s UK referendum, Yellen’s testimony to the Senate banking committee was the second big event of the week. Unsurprisingly, however, we got a similar message to the one we got from last week’s FOMC.

Markets Today: Doing my thing and doing it slow
Markets Today: Do you know where you’re going to?

Markets Today: Do you know where you’re going to?

21 June 2016

The risk-on mood that developed as Asia markets opened yesterday on the back of the weekend poll from the Sunday Mirror pointing to a swing back to the remain vote gathered more force overnight, especially in European markets.

Markets Today: Do you know where you’re going to?
Australian Markets Weekly: 20 June 2016

Australian Markets Weekly: 20 June 2016

20 June 2016

Brexit and local farm conditions too Thursday’s UK EU Referendum will occupy market attention this week. A poll being conducted by ComRes for the UK Sunday Mirror at the time news of the assassination of British MP Jo Cox hit the wires revealed a switch in voting favouring the remain vote. The percentage of those […]

Australian Markets Weekly: 20 June 2016
Markets Today: Thursday

Markets Today: Thursday

20 June 2016

Markets being what they are, last Thursday’s tragic news of the slaying of UK MP Jo Cox, campaigning on behalf of the ‘remain’ side in front of Thursday’s EU referendum, elicited a strong positive response in all things Sterling, as well as supporting risk sentiment more broadly.

Markets Today: Thursday
Markets Today: A night of two halves

Markets Today: A night of two halves

17 June 2016

Yesterday’s fall in the Nikkei and strengthening of the Yen on the back of BoJ inaction and heightened concerns around the outcome of the UK EU referendum set the tone to the early part of the overnight session.

Markets Today: A night of two halves
Markets Today: Take it easy

Markets Today: Take it easy

16 June 2016

The US Fed kept its policy rate unchanged (between 0.25% and 0.50%) as expected, however the tone of the statement and forecast revealed a more dovish stance.

Markets Today: Take it easy
Markets Today: Signs

Markets Today: Signs

15 June 2016

As US markets close and Asia opens this morning, further damage to sentiment has been relatively limited.

Markets Today: Signs
Markets Today: The Fear

Markets Today: The Fear

14 June 2016

Friday night, Sterling was hit hard soon after London had shut shop for the week, on the publication of an (internet) poll by ORB of over 2000 respondents for the UK Independent newspaper, showing a 55/45 split in favour of ‘Leave’.

Markets Today: The Fear
Markets Today: Low

Markets Today: Low

10 June 2016

Rebel One being BTMFJ who were reported to be on the verge of rescinding their JGB Primary Dealership and Rebel Two being Commerzbank, reported to be considering storing cash in vaults rather than pay the ECB for the privilege of depositing excess cash with them.

Markets Today: Low
Markets Today: Rebellion

Markets Today: Rebellion

9 June 2016

We are now seeing signs in other parts of the world of rebellion by private sector banks aimed at circumventing the deleterious effects of negative central bank policy rates and government bond yields.

Markets Today: Rebellion
Markets Today: Walking away

Markets Today: Walking away

7 June 2016

US equities ended day up between 0.5% and 0.65% with energy stocks leading the way on the back of gains in oil prices.

Markets Today: Walking away
Markets Today: ¡Ay caramba!

Markets Today: ¡Ay caramba!

6 June 2016

Looking at the spectrum of forecasts ahead of the release, the 38k print for May was 52k lower than the lowest forecast surveyed by Bloomberg while consensus was at 160k.

Markets Today: ¡Ay caramba!
Markets Today: Keep the dream alive

Markets Today: Keep the dream alive

2 June 2016

The final May Eurozone Manufacturing PMIs were left unrevised at 51.5, while the US Manufacturing ISM headline popped a little higher to 51.3 from 50.8 (50.3 was forecast).

Markets Today: Keep the dream alive
Markets Today: Hesitant

Markets Today: Hesitant

1 June 2016

Markets ended the month of May in a cautious mood amid mixed US data and a Guardian poll that suggested Britain to be more in favour of leaving the EU.

Markets Today: Hesitant
Markets Today: Hold on

Markets Today: Hold on

31 May 2016

As far as the foreign exchange markets were concerned, the USD was a touch softer overnight after having made some gains in the Asia session yesterday.

Markets Today: Hold on
Australian Markets Weekly – 30 May 2016

Australian Markets Weekly – 30 May 2016

30 May 2016

The past week has seen interest rate markets continue to receive warnings from various Fed speakers – including Fed Chair Yellen – that US interest rates are likely to rise in the next few months.

Australian Markets Weekly – 30 May 2016
Markets Today: Perhaps, perhaps, perhaps

Markets Today: Perhaps, perhaps, perhaps

30 May 2016

In her much awaited Harvard University appearance, Fed Chair Yellen endorsed recent Fed rhetoric, noting that it would be “appropriate” for the Fed to raise the Funds rate if economic growth picked up as expected and the labour market continued to improve.

Markets Today: Perhaps, perhaps, perhaps
Markets Today: Inch by inch

Markets Today: Inch by inch

26 May 2016

It’s been another night of measured markets with both European and US equities closing higher, US Treasury yields a little higher net on the day and the USD marking time. There has been a little more evident appetite for Sterling, while the Canadian dollar was also a little stronger, helped by higher oil prices and the Bank of Canada leaving rates on hold, as expected.

Markets Today: Inch by inch
Markets Today: Bullish Mood

Markets Today: Bullish Mood

25 May 2016

US and European equity indices had a solid night with gains in financial and technology shares leading the move higher. The USD was stronger against most other currencies although GBP was the outperformer. Meanwhile US Treasury yields ended the day higher along the curve.

Markets Today: Bullish Mood
Markets Today: Sailing

Markets Today: Sailing

24 May 2016

Markets have been generally drifting with FX, equity markets and bond yields trading in contained ranges. The short end of the US Treasury curve edged a little higher.

Markets Today: Sailing
Markets Today: Back to black

Markets Today: Back to black

23 May 2016

European and US equities ended the week in positive territory and the mild positive tone to the overnight session helped the S&P 500 move back to black for 2016.

Markets Today: Back to black
Markets Today: On the prowl

Markets Today: On the prowl

19 May 2016

It was the release this morning of the FOMC April Minutes that’s gotten the attention of the wires and a noticeable chunk of market reaction to boot in rates, currencies, equities and gold.

Markets Today: On the prowl
Markets Today: Spooky Fed talk

Markets Today: Spooky Fed talk

18 May 2016

US equities fell overnight and the US Treasury curve flattened to its lowest level since 2007 after solid data and hawkish Fed talk increased market’s expectations of US rate hikes.

Markets Today: Spooky Fed talk
Markets Today: Life’s a gas

Markets Today: Life’s a gas

17 May 2016

Be grateful for small mercies. It’s a good job this 1971 T.Rex classic popped into my head as I was alighting at Wynyard station this morning, or else you might have been subjected to the ultra-cringe-worthy 1968 Dolly Parton ditty, “I’ll oil well love you” (I kid you not).

Markets Today: Life’s a gas
Australian Markets Weekly – 16 May 2016

Australian Markets Weekly – 16 May 2016

16 May 2016

It was a quieter week for Australian markets after the previous week’s very large moves. The Australian dollar still ended the week lower, as markets continued to speculate that the RBA will follow up with another interest rate cut in the months ahead and as Chinese economic data disappointed.

Australian Markets Weekly – 16 May 2016
Markets Today: China Matters

Markets Today: China Matters

13 May 2016

In a shock revelation, the Dallas Fed has published a note on its website saying that the impact of the Chinese economy on the U.S. has notably increased over the past two decades.

Markets Today: China Matters
Markets Today: No retail therapy

Markets Today: No retail therapy

12 May 2016

The rise in oil prices overnight were not enough to prevent retail driven decline in US equity markets. The US dollar was weaker across the board and a solid 10y US Treasury auction amid a cautious mood helped core global yields move lower.

Markets Today: No retail therapy
Markets Today: Kiwi

Markets Today: Kiwi

11 May 2016

The US Energy Information Agency revised up its forecasts for oil prices for this year and next, lifting its forecast for WTI for this year by nearly $6/bbl to $40.32 from $34.37.

Markets Today: Kiwi
Markets Today: Smash & Grab

Markets Today: Smash & Grab

4 May 2016

No, the title is not a summation of Australian Treasurer Scott Morrison’s first Budget handed down last night. Rather it looks to be the most apt description of market price action – in FX at least – apropos the smart overnight session reversal in the fortunes of the Japanese Yen and the Euro.

Markets Today: Smash & Grab
Markets Today: Going sub 2, but still chilled?

Markets Today: Going sub 2, but still chilled?

3 May 2016

While yesterday’s fall in the Nikkei, partly reflected a catch up move given Friday’s holiday in Japan, this negative sentiment spread throughout Asia with all markets excluding Thailand posting small decline for the day.

Markets Today: Going sub 2, but still chilled?
Markets Today: Debbie Downer

Markets Today: Debbie Downer

2 May 2016

The 2004 Saturday Night Live fictional character, recently brought back to life in song on Cortney Barnett's brilliant debut album, would have been in her element on Friday.

Markets Today: Debbie Downer
Markets Today: Bend me, shape me

Markets Today: Bend me, shape me

27 April 2016

While the market is very sensitive to the CPI and the AUD and rates markets might see an immediate knee-jerk reaction, the market is not hanging on this number as one that might swing the RBA into action or inaction at upcoming meetings.

Markets Today: Bend me, shape me
Australian Markets Weekly – 26 April 2016

Australian Markets Weekly – 26 April 2016

26 April 2016

Tomorrow’s CPI will be another low print but unlikely to sway the RBA into easing monetary policy given the continued resilience in the non-mining economy. NAB’s forecast for the March quarter CPI is for Australia’s official inflation rate to be 1.6% y/y (after 1.7% in Q4), the sixth quarter below the 2-3% official RBA target range.

Australian Markets Weekly – 26 April 2016
Markets Today: When doves cry

Markets Today: When doves cry

22 April 2016

The AUD has flown back down with the 77 handle this morning, pulled back somewhat by a dip in oil prices for once, WTI down $0.59 to $43.60 and Brent off $0.91 to $44.89, the Aussie’s commodity cousins, the CAD, NOK, RUB and the NZD all lower this morning.

Markets Today: When doves cry
Markets Today: Distillate thrust

Markets Today: Distillate thrust

21 April 2016

Oil prices took another leg higher last night following a US Energy Information Administration report that showed a sharp decline in US distillate stockpiles.

Markets Today: Distillate thrust
Markets Today: Back on a 78 handle

Markets Today: Back on a 78 handle

20 April 2016

Broad USD dollar weakness and higher oil prices have boosted risk assets overnight with energy and material shares the outperformers in both Europe and the US.

Markets Today: Back on a 78 handle
Markets Today: No dice

Markets Today: No dice

18 April 2016

Regardless of whether an agreement yesterday by major producers to freeze oil production would have had any meaningful impact on oil prices beyond the psychological boost it might have provided.

Markets Today: No dice
Markets Today: The only way is up

Markets Today: The only way is up

14 April 2016

Risky assets have continued to benefit from an improvement in sentiment. Bank stocks have led the surge in equity markets and most commodities have also enjoyed some gains, despite of a pullback in oil prices.

Markets Today: The only way is up
Markets Today: Taking care of business

Markets Today: Taking care of business

13 April 2016

Yesterday’s NAB Business Survey bolted a stronger 76 handle on to the AUD, the currency finding support through the day and again overnight, trading this morning toward the top of its overnight range, currently at 0.7685/90, up 1.2%.

Markets Today: Taking care of business
Markets Today: Lack of conviction

Markets Today: Lack of conviction

12 April 2016

European markets ended the day in positive territory boosted by Italian banks following hopes of a government support package while in the US, equity indices erased early gains and ended the day marginally lower.

Markets Today: Lack of conviction
Markets Today: I (don’t) need a dollar

Markets Today: I (don’t) need a dollar

11 April 2016

A fairly uneventful offshore session on Friday saw US stocks recover some of Thursday’s losses, bond yields pushing back higher while the US dollar was softer across the board.

Markets Today: I (don’t) need a dollar
Markets Today: Send in the Clowns

Markets Today: Send in the Clowns

8 April 2016

Sorry, I couldn’t resist the title seeing as how Janet Yellen, Ben Bernanke, Alan Greenspan and Paul Volcker are all about to jump up on stage together.

Markets Today: Send in the Clowns
Markets Today: June is alive

Markets Today: June is alive

7 April 2016

An improvement in risk appetite has helped global equity markets recovered some grown overnight with the Nikkei a notable exception. FOMC minutes revealed an April hike was discussed, but a cautious approach appears to be well entrenched. A pick up in oil prices contributed to the positive move, but the strength in the yen continues to weigh on Japan’s equity market.

Markets Today: June is alive
Markets Today: Hard Day’s Night

Markets Today: Hard Day’s Night

6 April 2016

Local market’s finished up on Tuesday in a distinctly ‘risk-off’ frame of mind, and that sentiment has extended throughout the European and US sessions

Markets Today: Hard Day’s Night
Markets Today: Wait and see mode

Markets Today: Wait and see mode

5 April 2016

In what was a quiet night for markets the softness in oil prices spread into other commodities and it has weighted on the AUD and other commodity related currencies.

Markets Today: Wait and see mode
Markets Today: Feelin’ Groovy

Markets Today: Feelin’ Groovy

4 April 2016

There was nothing not to like about Friday’s US data deluge. Payrolls just beat expectations at 215k vs. 205k with trivial revisions.

Markets Today: Feelin’ Groovy
Markets Today: Handle with care

Markets Today: Handle with care

1 April 2016

It’s been a night of consolidation in the main as markets await the arrival of key data over the next 24 hours with Super Friday’s deluge.

Markets Today: Handle with care
Markets Today: Afterglow

Markets Today: Afterglow

31 March 2016

Equities and non-US dollar currencies continue to bask in the afterglow of Janet Yellen’s Tuesday night speech.

Markets Today: Afterglow
Markets Today: Easy does it

Markets Today: Easy does it

30 March 2016

Fed Chair Janet Yellen has reiterated her views that it is appropriate for the Fed to “proceed cautiously” in raising interest rates.

Markets Today: Easy does it
Markets Today: Drift away

Markets Today: Drift away

24 March 2016

The commodity currencies were sold lower overnight, with the AUD feeling the brunt of the selling.

Markets Today: Drift away
Markets Today: Night moves

Markets Today: Night moves

23 March 2016

RBA Governor Glenn Stevens speech yesterday came and went without any fanfare as far as AUD comment was concerned

Markets Today: Night moves
Australian Markets Weekly – 21 March 2016

Australian Markets Weekly – 21 March 2016

21 March 2016

Labour market suggests RBA on hold but keep an eye on inflation expectations Markets again moving around sharply with a less aggressive Fed (two rate hikes now expected in 2016 versus four previously) seeing the US$ broadly weaker and $A stronger. Australian labour market data show slower trend employment growth in recent months, though some […]

Australian Markets Weekly – 21 March 2016