Holding Pattern
Moves in bond yields are a response tocanada's CPI report,says NAB's Ken Crompton, whilst the Yen has risen after a BoJ report cited further inflation pressures.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Wednesday 21st August 2024
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It’s been another quiet session, with stocks taking a breather after an 8-day rally, with volumes for the S&P 25% below its 20-day average. Bond yields have pushed lower, which NAB’s Ken Crompton says is largely a response to Canada’s CPI numbers, which presented the evidence needed for the Bank of Canada to continue with its rate cuts. The US dollar ticked lower again, thanks to a sharp rise in the Yen, which was a response to a Bank of Japan report suggesting inflation was rising from wage pressures and corporate behaviour (presumably, claiming bigger margins). That seems to have been taken as the case for further rate hikes by the bank, and Friday’s inflation number might seal the deal.
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