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Solid 7-Year Note Auction Eases Bond Demand Concerns
Last night’s 7-year bond auction provided some relief as it showcased the strongest bid-to-cover ratio in three years, coupled with remarkably low forced dealer buying at just 11%. This successful auction has alleviated some of the concerns surrounding bond demand, particularly considering the significant amount of issuance.
Amazon and Intel’s Positive Guidance Boosts Equities
Encouraging guidance from tech giants Amazon (+5%) and Intel (+7%) has injected a dose of optimism into the equity market. This positive news marks a departure from earlier disappointments seen with Google and Meta’s earnings earlier in the week, providing a boost to equity sentiment.
DXY Faces Challenges as Attention Shifts to US PCE Data
The DXY (U.S. Dollar Index) is encountering difficulties in maintaining recent highs. All eyes are now turning toward today’s US PCE data, which is expected to be the next driver of dollar dynamics. It’s worth noting that today being corporate month-end may see an uptick in USD demand as we approach the London Fix (4 PM UK time).
AUD Rises on Strong PPI Data
Among major currencies, the Australian Dollar (AUD) is currently the strongest performer following robust Producer Price Index (PPI) data. With expectations of an RBA rate hike approaching 60%, today’s hot PPI data, following earlier robust CPI figures, suggests that the AUD may be undervalued.
The AUD leads the way among major currencies after an impressive beat on PPI data earlier today, while the Swiss Franc (CHF) lags behind. The exact catalyst for the CHF’s weakness remains unclear at this stage.
US PCE Data: Today’s Main Event
Today’s key event in the data calendar is the release of US Personal Consumption Expenditures (PCE) data. While this is the Federal Reserve’s preferred measure of inflation, it typically lacks the same level of market-induced volatility as the Consumer Price Index (CPI). However, should the data unveil a significant surprise, it has the potential to move markets. In terms of tradeability, a substantial miss across the board appears to be the most appealing scenario. Such an outcome could prompt a decline in Treasury yields and potentially force over-extended USD bulls to reassess their positions, offering an attractive risk-to-reward opportunity. As always, we keep a close watch on these developments and provide timely updates to help you navigate the ever-changing financial landscape.
This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. INFINOX is not authorised to provide investment advice. No opinion given in the material constitutes a recommendation by INFINOX or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
US markets bounced back sharply on Wednesday, with tech stocks leading the recovery as investors assessed the latest US inflation data and its potential impact on Federal...
US markets experienced a mixed session on Tuesday, with the S&P 500 extending its gains for a second straight day as tech stocks rebounded. Optimism in companies like...
US stocks made a strong comeback on Monday, with the Dow Jones Industrial Average soaring nearly 500 points, recovering from Wall Street’s worst week of 2024. Investors w...
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AUD continues to Rally
Solid 7-Year Note Auction Eases Bond Demand Concerns
Last night’s 7-year bond auction provided some relief as it showcased the strongest bid-to-cover ratio in three years, coupled with remarkably low forced dealer buying at just 11%. This successful auction has alleviated some of the concerns surrounding bond demand, particularly considering the significant amount of issuance.
Amazon and Intel’s Positive Guidance Boosts Equities
Encouraging guidance from tech giants Amazon (+5%) and Intel (+7%) has injected a dose of optimism into the equity market. This positive news marks a departure from earlier disappointments seen with Google and Meta’s earnings earlier in the week, providing a boost to equity sentiment.
DXY Faces Challenges as Attention Shifts to US PCE Data
The DXY (U.S. Dollar Index) is encountering difficulties in maintaining recent highs. All eyes are now turning toward today’s US PCE data, which is expected to be the next driver of dollar dynamics. It’s worth noting that today being corporate month-end may see an uptick in USD demand as we approach the London Fix (4 PM UK time).
AUD Rises on Strong PPI Data
Among major currencies, the Australian Dollar (AUD) is currently the strongest performer following robust Producer Price Index (PPI) data. With expectations of an RBA rate hike approaching 60%, today’s hot PPI data, following earlier robust CPI figures, suggests that the AUD may be undervalued.
In FX Today
The AUD leads the way among major currencies after an impressive beat on PPI data earlier today, while the Swiss Franc (CHF) lags behind. The exact catalyst for the CHF’s weakness remains unclear at this stage.
US PCE Data: Today’s Main Event
Today’s key event in the data calendar is the release of US Personal Consumption Expenditures (PCE) data. While this is the Federal Reserve’s preferred measure of inflation, it typically lacks the same level of market-induced volatility as the Consumer Price Index (CPI). However, should the data unveil a significant surprise, it has the potential to move markets. In terms of tradeability, a substantial miss across the board appears to be the most appealing scenario. Such an outcome could prompt a decline in Treasury yields and potentially force over-extended USD bulls to reassess their positions, offering an attractive risk-to-reward opportunity.
As always, we keep a close watch on these developments and provide timely updates to help you navigate the ever-changing financial landscape.
This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. INFINOX is not authorised to provide investment advice. No opinion given in the material constitutes a recommendation by INFINOX or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
All trading carries risk.
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