Finance AM

Westpac Strategy Thoughts Post NSWTC & QTC FY27 Budget Updates-20260624_000039UTC-Meeting Recording by Westpac Bank

The US dollar fell slightly, while bond yields were little changed amid little major news for markets to digest. Markets await tonight’s important US payrolls data release.

The US dollar and bond yields fell in response to softer data on the US services sector, partially retracing later following Fed Chair Powell’s comments advocating caution regarding the easing cycle.

The US dollar fell slightly, as did short maturity bond yields. Fedspeak was slightly dovish. South Korea’s declaration of martial law caused a brief bid for safe-haven assets.

The US dollar rose in the wake of the weekend’s Trump comments on the US dollar’s leading global role. Bond yields were mixed, amid solid US economic data.

The US dollar and bond yields fell, while equities rose. There was little economic data of note, and market concerns about Trump tariffs have abated.

The US dollar and bond yields fell, the S&P500 down 0.5%, amid a batch of US economic data which was mostly as expected. Month-end rebalancing and hawkish ECB-speak contributed to the moves.

The US dollar roundtripped for little net change, while bond yields rose modestly. US economic data was second-tier and mixed, while the FOMC minutes contained no major surprises.

Bond yields and the US dollar fell, and US equities rose, in response to the nomination of the US Treasury Secretary yesterday.

The US dollar rose to a two-year high, amid expectations the US economy will continue to outperform during the new Trump administration. Equities rose moderately, while bond yields were mixed but little changed.

Markets were initially affected by geopolitical jitters involving Ukraine, boosting safe haven instruments, but the moves faded to leave bond yields only slightly lower and the US dollar unchanged. The dollar bloc – CAD, AUD, and NZD, outperformed. Canada’s CPI inflation was stronger than expected.

US equities rose, the S&P500 up 0.5%, amid little major data. The defensive US dollar fell, while bond yields ranged for little net change.

The S&P500 fell 1.3% as Trump election euphoria faded, bond yields were volatile but closed slightly lower, and the US dollar closed little changed. US economic data was slightly firmer than expected.

Bond yields fell, despite firmer producer price inflation and jobless data, while the US dollar was little changed.

The week ended with slightly further reaction to the US election, the S&P500 rising 0.4% to a fresh record high and short maturity bond yields and the US dollar rising.

Initial reactions to the US election were pared overnight, with bond yields and the US dollar lower. US equities had moderate gains, the S&P500 up 0.7% to a fresh record high. Central banks in the US, UK and Sweden eased, but remained on hold in Norway.

Yesterday’s initial reactions to the US election results extended slightly overnight. The US dollar and bond yields are slightly higher, while the S&P500 is up 2.3% to a record high.

Ahead of the US election, a risk-positive mood prevailed, with bond yields and equities rising, and the US dollar falling. Stronger US services data contributed to higher bond yields.

There was little major news for markets which remained volatile ahead of US election results. The US dollar saw little net change overnight, while the AUD and NZD fell slightly.

Bond yields and the US dollar initially plunged in response to US jobs data, which was weaker than expected, but later retraced those reactions.

011124 by Westpac Bank

Bond yields are slightly higher following solid US economic data, while the US dollar is slightly lower following Eurozone data which was stronger than expected.

Bond yields were volatile but overall little changed amid mixed US economic data. The US dollar is modestly higher.

Bond yields were volatile but overall rose slightly, while the US dollar is little changed. Risk sentiment was moderately positive.

Bond yields and the US dollar rose amid little major news, against a backdrop of US election risks and markets pricing a slower Fed easing cycle. Equities fell, the S&P500 down 1.3%. The Bank of Canada cut its rate by 50bp, as was widely expected.