Conrad
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Weekly focus – Rate cut expectations pushed back further
It has been a volatile week for risk markets, once again mostly driven by expectations regarding the first rate cuts by the big central banks. Euro area PMIs came out much stronger than expected, and service sector output prices increased, raising a question of whether the ECB was too complacent whe
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Employment in CEE mostly above EU average
On the radar In Serbia real wage growth reached 9.7% y/y in February. In Hungary unemployment was released at 4.4%. In Slovakia producer prices decreased by 15% annually. AT 10.30 AM CET Slovenia will publish retail sales growth in March. Economic developments In 2023, more than 75% (195.7 million)
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Australian Dollar pares gains amid improved US Dollar, awaits US PCE
The Australian Dollar remains firmer due to the hawkish sentiment surrounding RBA’s rate trajectory. The Australian Dollar gains in response to the Aussie 10-year yield hitting a 21-week high of 4.59%. The rebound of the US Dollar could be attributed to a shift in market sentiment toward risk-off. T
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Asia open: For a one-word description, “Goldilocks” doesn't quite fit the bill today
Friday's focus in Asia is squarely on the Bank of Japan's policy announcement, as investors eagerly await any clues regarding potential intervention in the currency market. This ongoing game of intervention hide and seek adds an element of intrigue to the global FX markets. Additionally, investors s
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Gold price extends losses on weak safe haven demand, Fed’s hawkish outlook
Gold price slips below $2,300 as fears of widening Middle East conflict wane. The US Dollar’s appeal improves on a strong US economic outlook. The Fed supports keeping interest rates higher until there is confidence that inflation will return to 2%. Gold price (XAU/USD) extends its downside for a se
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Mexican Peso weakens despite positive domestic data, USD strength prevails
Mexican Peso dips further despite upbeat economic figures from Mexico. Higher US yields, strong US Dollar continue to limit Peso gains, keeping it above crucial 17.00 level. Banxico Governor Victoria Rodriguez suggests that upcoming election risks are factored into inflation projections, maintaining
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ECB’s Muller sees a few more rate cuts by year end after June
The European Central Bank (ECB) Governing Council member and the Estonian central bank chief, Madis Muller, said that the ECB mustn’t rush into further interest rate cuts after a likely first step in June. Key quotes “We should be careful not to move too quickly with the loosening of monetary policy
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Treasuries Give Back Ground After Early Advance But Remain Positive
After showing a strong move to the upside early in the session, treasuries quickly gave back ground but managed to remain in positive territory. Bond prices finished the day moderately higher, well off their best levels of the session. As a result, the yield on the benchmark ten-year note, which mov
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NZD/USD remains under selling pressure below 0.5900 amid risk-off mood, renewed US Dollar demand
NZD/USD attracts some sellers near 0.5880 on the renewed USD demand on Friday. US officials revealed that Israel carried out military strikes against Iran, boosting safe-haven currencies like the USD. The annual inflation rate in New Zealand remains above the central bank target range, keeping the R
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USD/CAD trims gains after Iranian media denies any attack, remains below 1.3800
USD/CAD surrenders some of its intraday gains as Iranian media denies any foreign attack on its cities. The higher WTI price provides support for the Canadian Dollar. The Greenback gained traction after Fed officials conveyed hawkish messages on Thursday. USD/CAD pares its intraday gains, trading ar
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