Market Overview Analysis by Ipek Ozkardeskaya covering: Euro US Dollar, British Pound US Dollar, Nasdaq 100, Gold Spot US Dollar. Read Ipek Ozkardeskaya's latest article on Investing.com
) delivered the second rate cut of the year yesterday.
For now, the probability of another 25bp cut in December is given 71% in the immediate aftermath of the US election and the Fed cut. TheIf US inflation doesn’t ease enough, and if the US economy remains robust and labor market remains in good shape, the bond vigilantes, who think that the Fed is cutting too fast by too much, will send the yields higher. There are rumors of a potential spike in the 10-year yield to 5%. The latter would destroy the impact of rate cuts and weigh on sentiment.
The BoE is now expected to keep lowering rates ‘gradually’. And that shift from ‘aggressive’ to ‘gradually’ easing outlook is supportive of the pound, if of course the growth outlook doesn’t deteriorate significantly. Mid-1.30s look a reasonable target for the sterling bulls if the Fed insists on staying where it stands today.
Over in China, the wait is long for investors who just want to see the Chinese authorities put a number on the amount of fiscal stimulus it will deploy to counter the Trump shock.
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