MNI BRIEF: Fed's Williams Says There's No Urgency To Cut Rates

WILLIAMS: NOT BASE CASE TO RAISE RATES FURTHER

MNI: FED'S WILLIAMS: DON'T FEEL URGENCY TO CUT INTEREST RATES

MNI BRIEF: Beijing Opposes U.S. Measures Against Chinese Steel

MNI China Daily Summary: Thursday, April 18

MNI BRIEF: M2 Growth To Slow On Weak Demand - PBOC's Zou

US EIA:NAT GAS STORAGE +50 BCF TO 2,333 BCF APR 12 WK

MNI: US NAR: MAR EXISTING HOME SALES 4.19M SAAR

MNI: US APR PHILADELPHIA FED MFG INDEX 15.5

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

USD Pares Losses As Risk Appetite Wanes

FOREX

The greenback was pressured in early dealing however weakness in regional equities and a retreat from early highs in EU/US equity futures has seen the USD pare its losses. The likely wipeout of holders of Credit Suisse’s AT1 debt has rattled risk sentiment.

  • Kiwi is the weakest performer in the G-10 space at the margins, NZD/USD printed an early high of $0.6306 before falling ~1% as risk sentiment waned. The next downside target is the 20-Day EMA ($0.6217).
  • AUD is also pressured. AUD/USD prints at $0.6680/85 ~0.2% softer, downside support comes in at $0.6590 low from March 15. RBA's Kent spoke this morning and noted that its likely to take longer than usual to see the full effect of higher rates due to the high proportion of borrowers on fixed rate loans.
  • Yen is little changed, USD/JPY has dealt in a ~100 pip range. The pair firmed before paring gains as risk sentiment soured through the Asian session and US yields pulled back. The pair last prints at ¥131.75/85.
  • EUR and GBP have pared early gains and both side unchanged from Friday's closing levels.
  • Cross asset wise; US equity futures are unchanged, e-minis have been up as much as ~0.7%. Hang Seng is down ~2.5%. 10 Year US Treasury Yields are ~1bp lower, however they were up as much as 8bps.
  • The fallout from the UBS/Credit Suisse deal as well as the US focus on regional banks will dominate today. PPI data from Germany and Eurozone trade balance headline an otherwise thin docket on Monday.
Energy BulletsCommodities
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.