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Initial jobless claims came in at 229K, lower than the expected 249K. Moreover, last week’s number was revised downwards from 242K to 225K.
The pair slumped to new 2023 lows after RBNZ raised rates to what it believes to be the terminal level, just as expectations around the US Fed become more hawkish
Yields Chart Uptrend Source: www.tradingview.com The top candlestick chart is the weekly US 2-year yield, with the weekly US 10-year yield underneath. The 2-year is a good proxy for monetary policy and the 10-year represents fixed income investors' sentiment. Both instruments have charted a higher trough followed by a higher peak, putting their yields into uptrend. This is in stark contrast to the sentiment shift of March (blue rectangles), where…
President Joe Biden and House Speaker Kevin McCarthy will meet again on Monday to try to find a deal to avoid a U.S. default. Lawmakers are still far apart on an agreement to raise the federal borrowing limit, and time is running out. McCarthy said there's no agreement yet, despite a productive phone call with Biden. Biden called on Republicans to reconsider their extreme positions, as he finds their proposals…
The pair turns cautious after hitting new 2023 highs, as inflation picked up in Japan, but still heads towards one of its best weeks of the year, due to the greenback’s strength
Congress is responsible for increasing these spending limits to avoid default, but Republican House Speaker Kevin McCarthy will not do so without an agreement on spending cuts and spending limits.
The pair had a mixed reaction to today’s wage price index form Australia and remains cautious, as markets digest discouraging Chinese data and debt ceiling talks in the US
The British Pound reacted lower to today’s data that showed an unexpected increase in the jobless rate, which could potentially help the BoE into a less aggressive stance, but wages remain elevated
The debt-ceiling impasse in Washington is currently the primary driver of the dollar's performance. Negotiations between President Biden and congressional leaders are set to resume on Tuesday, but without positive news, investor fears may continue to grow. As such, the balance of risks is currently tilted to the upside for the dollar, with safe-haven flows likely to continue as risk sentiment remains subdued.
The pair registered its worst week since September, as risk factors helped the greenback, but finds reprieve today ahead of critical support region
The Bank of England raised rates again on Thursday and despite keeping the door open to more tightening, the pair dropped on USD demand, but steadies today
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