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USD Remains Stronger as Equities Extend YTD Pullback to 15%

FOREX
  • Equity markets sit lower in early Europe, reinforcing the underlying risk-off tone as concerns continue to swirl over the direction of global monetary policy and the implications of a wave of stagflation across developed markets in H2 this year. Yields in the US continue to surge, with the 5yr yield now north of 2018 highs and briefly clearing 3.10%.
  • There have been further notable moves in Chinese currency markets, with USD/CNH surging to new cycle highs following downbeat comments from Chinese Premier Li on the domestic labour market. The uncharacteristically candid speech reverberated across Asia, with the offshore yuan offered, even as the PBOC continued to lean against its depreciation via the daily fixing of USD/CNY mid-point.
  • Russian President Putin spoke to mark his country's Victory Day parade, and staunchly defended his army's approach to their invasion of Ukraine. His persistent combative stance
  • The greenback remains comfortably the firmest performer as markets continue to play catch-up with the hawkish Fedspeak during NY hours on Friday, as MNI interviewed Fed's Barkin - who stated "anything would be on the table," including an outsized 75bps rate hike.
  • Canadian building permits and US wholesale inventories / trade sales numbers cross, but the central bank speaker slate is quiet, with no notable speeches due. Elsewhere, France's Macron meets his counterpart Scholz in the first foreign trip for the President since his re-election a few weeks ago.
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