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MacroBusiness Access Subscriber Only Content at 8:30 am on May 21, 2021 | 1 comment Overnight saw some upside volatility return to equity markets due to a mish mash of good and bad economic news and some further FedTalk from hawks and doves over the coming tapering (or not tapering) of the US economy, plus the jumbles around the ever interesting labour market.  The USD took back its gains against the major currencies, while Wall Street reverted back to its previous levels but still looks weak going into the end of the trading week. Treasury yields fell back ever so slightly while heat contin...

MacroBusiness Access Subscriber Only Content at 8:30 am on May 10, 2021 | 2 comments Another US jobs report – the April non-farm payrolls or NFP – came and went on Friday night with Wall Street zooming higher on the very poor showing as the headline number came in way lower than expected, indicating that the Federal Reserve has some time yet before thinking of pulling the interest rate lever. As a result the USD was pushed significantly lower against most of the major currencies while commodities were mixed although gold surged onwards past the $1800USD per ounce level. Higher domestic cu...

MacroBusiness Access Subscriber Only Content See the latest Australian dollar analysis here: Wall Street zoomed higher on sentiment yet again, with the Dow Jones putting in a record high while European markets were more modest in their rises as the Bank of England kept its composure and interest rates steady, indicating some tapering ahead. The latest initial jobless claims numbers before tonights all-important NFP print was much lower than expected, sending the USD lower against most of the major currencies. Meanwhile, commodities saw another record high in copper, iron ore and lumber while ...

MacroBusiness Access Subscriber Only Content See the latest Australian dollar analysis here: Better economic data from the US coupled with better earnings saw yet another reversal in sentiment on Wall Street overnight but it was shortlived as tech stocks moved lower yet again. European markets bounced back very strongly after the previous selloff while Treasury yields were the only stable risk asset out there. Commodities continue to be mixed with iron ore lifting and seemingly on its way to $200 while gold tried again to reach the $1800USD per ounce level. Bitcoin had another large swing ove...

MacroBusiness Access Subscriber Only Content at 9:00 am on April 21, 2021 | 0 comments Another night of selling on Wall Street and across the Atlantic in Europe on risk aversion around the burgeoning 2021 COVID crisis as the WHO let out a stark alarm about the growing number of cases worldwide. The previously on the ropes USD bounced back slightly with Euro falling from its six week high as US Treasury yields fell back on safe haven bids across the bond complex. Commodity prices all fell back in unison due to the higher USD although iron ore made a ten year high! Bitcoin is trying to fill its...