MESTER: WILL NORMALIZE INTEREST RATES 'AT SOME POINT'

MESTER: MY OWN FORECAST EXPECTS INFLATION TO COME DOWN

MESTER: NEED TO SEE MORE DATA TO BE ASSURED INFLATION ON TRACK

MNI BRIEF: BCB's Campos Neto: 'Not Afraid To Do What's Needed'

MNI China Daily Summary: Wednesday, April 17

MNI BRIEF: China To Quicken Project Construction - NDRC

MNI: US TSY TICS NET FLOWS IN FEB +$51.6B

US Treasury Auction Calendar

US EIA: CRUDE OIL STOCKS EX SPR +2.74M TO 460.0M APR 12 WK

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Risk Appetite and Growth Proxies Dip on Dem's Billionaire Tax

FOREX
  • Risk appetite is seen waning headed into the NY crossover, with equity futures rolling off the overnight (and record) highs as the USD and JPY make headway and erase a small part of the recent weakness. The softer risk outlook has worked against commodity-tied and growth-proxy currencies, putting the likes of NOK, CAD and NZD among the session's poorest performers.
  • Markets were already trading modestly shakily across early Europe, but the selling pressure accelerated as the US Democrats unveiled the finer details of a Billionaire tax, which would see those with billionaire status taxed 23.8% annually based on asset price gains.
  • A solid underlying inflation report from Australia (trimmed mean and weighted mean numbers came in well ahead of expectations) prompted a sharp re-pricing of the front-end of the Aussie curve, but the read through to the AUD has been more mixed as the risk-off theme pervades. AUD/USD continues to hold below key resistance at the 0.7560 200-dma,
  • Focus turns to US prelim durable goods data, seen declining at a pace of 1.1% on the month, shortly followed by the Bank of Canada rate decision at which the board are seen keeping rates unchanged, but slowing the rate of asset purchases as the Bank continues to wean the economy off pandemic-stance policy.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.