Thursday 3rd August 2023

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US ten-year Treasuries hit a fresh high for the year. The downgrading of the US credit rating by Fitch had a little to do with it. The ADP employment numbers also drove yields higher, but NAB’s David de Garis says it is likely the numbers ere a big overstatement, hence yields reversed a little. But there’s also the increase in bond issuances after the massively recalculated US government borrowing this week. All of this is making bonds more attractive than risk assets, with shares well down again. Looking forward, the Bank of England meets today, with the outside chance they’ll lift rates as much as 50 basis points. And the US Services ISM read will be important for those hoping for a no-lading future for the US economy. Plus, why is the Aussie dollar down again so much today?

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02 Aug 2023