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Daily Market Commentary 27th September 2023

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US and European Bond Yields continued to push northwards, up to levels not seen in many years. This is a warning signal to markets and equities are feeling it. overnight US equities plunged, following a week of losses, just gone. Inflation had appeared to stabilise in Europe and the US, but the recent surge in energy prices, has seen the re-emergence of his economic cancer. Inflation readings from across Europe will roll in this week, and expectations are for spikes higher, while he Fed’s favoured measure of inflation, the PCE index, is due for release Friday. Interest rate rises will drive already recessionary economies into further trouble. The rising US Bond Yields has pushed the US Dollar higher, with the EUR falling back below 1.0600, while the GBP fell to 1.2160.

The rising reserve hit commodity currencies, with the AUD falling back below 0.6400, while the NZD dropped to 0.5940. All eyes are firmly focused on inflation numbers in Europe and the USA.

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