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Fitch Downgrades US Foreign Currency Rating, DXY Eases

Fitch Downgrades US Foreign Currency Rating, DXY Eases

The Australian Dollar (AUD/USD) plummeted after the RBA left cash rates unchanged. The Aussie Battler fell to its sharpest daily drop in a month, closing at 0.6615 from 0.6655. Most market participants had expected the RBA to lower its cash rates by 25 basis points.
ACY Securities | 446 dni temu
RBA’s Pause Isn’t the Endgame.

RBA’s Pause Isn’t the Endgame.

The Reserve Bank of Australia held rates for a second consecutive month, but I still think there is a chance the bank will hike one last time in September on the back of an inflation surprise. We have recently made the case for the dollar to stay “trapped” in a situation where FX volatility fails to pick up.
ACY Securities | 446 dni temu
US Leads Global Manufacturing Slowdown

US Leads Global Manufacturing Slowdown

US ISM Manufacturing PMI data came in at just 46.4 for July. Only nudging up a little from a three year low. This is deep contraction territory. US manufacturing continues to languish in and below the Covid lockdown period levels.
ACY Securities | 446 dni temu
Oil price rises to its highest since April

Oil price rises to its highest since April

Asia-Pacific stocks down, led by tech. Fitch downgrades US credit. Oil prices highest since April. Fed likely keeps rates unchanged. Sparse economic calendar. BoE update and US labor data crucial. Bonds under pressure, yields rise. Sterling weakens.
Moneta Markets | 446 dni temu
Eurozone GDP (Q2, 1st release)

Eurozone GDP (Q2, 1st release)

Eurozone GDP grew 0.3% q-o-q in Q2, better than HSBC and consensus expectations of a 0.2% rise (Chart 1). This took the annual rate of growth to 0.6% y-o-y (consensus: 0.5%).
ACY Securities | 447 dni temu
Is The RBA Finished Hiking?

Is The RBA Finished Hiking?

The RBA today left rates steady at 4.1%. Wouldn’t it be nice if the last hike was the end of the madness? A welcome relief for all of us, as one of the nations most aggressive rate hiking cycles in history hopefully nears an end.
ACY Securities | 447 dni temu