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Overnight, the RBA cut the cash target rate for the first time since 2022, marking the beginning of the policy easing cycle in Australia. However, the RBA will proceed cautiously with further rate cuts, given a tight labor market and still elevated services inflation. This will keep Australian government bond yields elevated versus global yields, benefitting the Australian dollar.
Our Foreign Exchange strategists recently provided an update on their US and Australian dollar views. The US dollar remains overbought and may continue rising as a momentum currency, but cyclical indicators suggest a capitulation phase. Our FX team…
Until recently, Canada had been flying under the radar, yet it presents an interesting macro case. The Bank of Canada hiked rates in lockstep with the Fed, but it began cutting earlier due to a more fragile Canadian economy. Domestic and international…
This week’s report looks at the US dollar, from the lens of one very cyclical currency – the Australian dollar.
Our Global Fixed Income and FX strategists published their 2025 outlook, and provide five key views for the year ahead. Duration revival: After three years of underperformance versus cash, government bonds will outperform in either a soft-landing…
November trading was centered around the US election and its aftermath. US assets led the way, with US equities significantly outperforming their global counterparts. The US dollar strengthened considerably against both DM and EM currencies. Investment-grade…
今週、当社のセントラル・バンク・モニターズ（CBMs）を更新しました。これらは先進国経済における金融政策をどのように調整すべきかを見極めるのに役立ちます。結論としては、全体としてより緩和的な金融政策が求められるものの、G10諸国間のシグナルの乖離から生じるいくつかのトレード・アイデアがあります。
This Insight looks at the likely direction of bond yields and the dollar, from the lens of money velocity.
We’ve highlighted over the past week that while Beijing’s stimulus package remains unlikely to trigger a meaningful business cycle revival, it nevertheless administered a shot of adrenaline leading to a sentiment-fueled rally in Chinese equities and…