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Market Continues to Converge With Fed's Forward Guidance

June 30, 2023
Overview:  A key development in recent days has been the market's convergence with the Federal Reserve's forward guidance regarding scope for two quarter-point hikes in the second half. The US two-yield is up about six basis points today, extending yesterday's 15 bp increase. It is approaching 5%. The Fed funds futures strip implies on…
Market Continues to Converge With Fed's Forward Guidance Market Continues to Converge With Fed's Forward Guidance Reviewed by Marc Chandler on June 30, 2023 Rating: 5
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PBOC Fixes Dollar Lower, but It Recovers Against the Yuan, Riksbank Hikes and Market Yawns PBOC Fixes Dollar Lower, but It Recovers Against the Yuan, Riksbank Hikes and Market Yawns Reviewed by Marc Chandler on June 29, 2023 Rating: 5
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The Dollar Regains Composure

June 28, 2023
Overview: The dollar is better bid today. It is rising against nearly all the G10 currencies, with the Antipodeans bearing the brunt, after a softer than expected Australian inflation report. The yen has steadied after extending its losses to new lows for the year. Emerging market currencies are also mostly lower, though the Mexican peso is edging…
The Dollar Regains Composure The Dollar Regains Composure Reviewed by Marc Chandler on June 28, 2023 Rating: 5
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PBOC Sends Signal in Lower Dollar Fix, while the Canadian Dollar makes a 9-Month High PBOC Sends Signal in Lower Dollar Fix, while the Canadian Dollar makes a 9-Month High Reviewed by Marc Chandler on June 27, 2023 Rating: 5
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Calm Start to the Week, with Little Impact from Russia's Drama

June 26, 2023
Overview:  The drama in Russia captured the imaginations but failed to have much impact on the capital markets. Conventional wisdom sees it as a sign of Putin's weakness, but he has been underestimated, including by many Ukrainians who did not think Russia was going to invade despite America's repeated warnings. It may take some time for t…
Calm Start to the Week, with Little Impact from Russia's Drama Calm Start to the Week, with Little Impact from Russia's Drama Reviewed by Marc Chandler on June 26, 2023 Rating: 5
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After Disappointing PMIs, Attention will Turn Back to Inflation in the Week Ahead After Disappointing PMIs, Attention will Turn Back to Inflation in the Week Ahead Reviewed by Marc Chandler on June 24, 2023 Rating: 5
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Greenback Jumps on Weak Flash PMIs

June 23, 2023
Overview: As the market reluctantly edges toward the Fed's guidance, the disappointing PMIs from Europe (but also Japan and Australia) helped boost the greenback. The Dollar Index is trading at seven-day highs above 103 after briefly dipping below 102 to set a new low since mid-May yesterday. The unwinding of cross positions is helping the yen…
Greenback Jumps on Weak Flash PMIs Greenback Jumps on Weak Flash PMIs Reviewed by Marc Chandler on June 23, 2023 Rating: 5
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