Central Banks Back in Focus

Last week we saw The European Central Bank (ECB) raise rates by 25bps and US CPI numbers. As we saw US inflation continues to remain at elevated levels and higher for the longer has once again been brought back into focus. The USD still maintained its move higher with the DXY gaining around 0.2%.
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US Dollar Remains in Control

Last week was quieter though the US Dollar continued its recent trend. The DXY rose 0.8% to close just above 105 and this 2-month USD rally is now beginning to look overdone.
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Mixed Data and Mixed Signals

Last week we saw a plethora of important data as we moved in September. US Inflation and GDP were inbound along with the all-important payrolls.
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Jackson Hole Weekend

Last week we thought might be quieter given we are in the summer months but as ever the market looked to prove us wrong. The weeks focus was on the Jackson Hole symposium…
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US Dollar and Yields Rally

Last week was the first full week of August. Usually, a more peaceful time in the markets but this year continues to be the exception to the rule. US Dollar and Yields rose post CPI release.
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Central Banks Nearing Inflection Point?

Last week we saw continued dovish tones from central banks. Firstly, the RBA left rates unchanged, surprising markets who were expecting a 25bp rise.
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Fed and ECB Meet Expectations

Last week both the Fed and ECB raised rates in line. However Fed Chairman Powell continued a dovish tone on any future rate rises saying it will be data dependent. ECB Lagarde also noted that they may have reached the end of their tightening cycle.
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Inflation Slowing and Fed on The Horizon

Last week we saw continued evidence of inflation starting to slow across the global economy. The UK which has the most stubborn level of inflation showed signs of slowing.
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USD Weakness as Demand for Dollars Slow

Last week was a volatile one as slowing inflation and further reduction in upward price pressure came through in the data. CPI and PPI both came in lower which sent both yields and the US Dollar lower.
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Further Rate Rises on The Horizon

Last week we saw sentiment move more and more towards further rate rises for the Fed with the phrase “Higher for Longer” being touted. The US job market remains hugely resilient with this week’s CPI print being hugely important for forward guidance.
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Week of Consolidation

Last week we had a week of consolidation post recent central bank announcements. Continued hawkish rhetoric from both the Fed and the ECB came out through the week stating the fight against inflation continues but how much more tightening monetary policy can the global economy take?
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Central Bank Action Continues to Dominate

Our previous report had the Fed dominating the week. Last week it was the turn of the BoE and Norges Bank who both surprised by raising base rates 50bps. Inflation remains stubbornly high in the UK…
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Hawkish Hold Send Dollar Lower

Last week we were dominated by the Fed which held rates mid-week. However, despite the hold the tone was a hawkish hold with a further 2 rate rises expected with fed funds looking to peak around 5.6% vs the original expectation of 5.1%.
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USD Debt Ceiling Agreement Done

Last week we saw the predictable debt ceiling agreement. This was then duly passed in the house and senate. With the week ending with good employment payrolls markets took a further leg higher.
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USD Debt Ceiling Agreement Close

Last week was dominated by the continued talk over the debt ceiling and how to break the current impasse. However, Friday we began to see signs that an agreement was close and the market moved to add risk.
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