US labour market cools at a steady pace

US labour market cools at a steady pace

Today’s jobs report proved net neutral for dollar, and we suspect, for the FOMC. The headline nonfarm payrolls readings showed 206k jobs added in June, marginally above consensus estimates of 190k, even as technical factors such as survey windows provided downside...
The BoC remains on track for back-to-back cuts

The BoC remains on track for back-to-back cuts

The Labour Force Survey once again stands out as the best indicator of Canada’s underlying cyclical position, which is weak. Not only did the economy fail to add jobs in the aggregate in June, but the details of the report were also soft. Of the jobs that were added,...
A Labour landslide does little for sterling

A Labour landslide does little for sterling

Befitting their stable lead in the polls, the Labour party secured a landslide majority in yesterday’s General Election, winning 410 seats in the House of Commons, with just six constituencies left to declare. This gives Keir Starmer’s party a majority of 170 seats as...
Imported deflation to keep SNB leaning against a strong CHF

Imported deflation to keep SNB leaning against a strong CHF

The Swiss National Bank’s decision to cut rates for a second successive time in June was finely balanced. Ultimately, the strength of the franc tipped the scales, with the Bank noting continued weakness in domestic manufacturing and external conditions. Set against...
The NBP delivers more of the same

The NBP delivers more of the same

The National Bank of Poland (NBP) maintained the base rate at 5.75% for the ninth meeting in a row, matching both our own expectations and market consensus. That said, with policymakers having consistently signalled an intention to keep rates at their current levels...
April’s GDP report doesn’t tip the balance for the BoC

April’s GDP report doesn’t tip the balance for the BoC

Having flatlined in March, Canada’s economy returned to growth in April, with both the manufacturing and services sectors expanding 0.3% on the month. While the data didn’t surprise expectations as it landed in-line with Statistics Canada’s advance estimate, it does...