The USD and Sterling are the both softer over the past 24 hours, after US core CPI surprised by 1/10% to the downside and the Bank of England shaved a 1/10% off its inflation forecasts and gave a nod the current market pricing that currently see no more than three 25-point Bank Rate rises over the next 2-3 years. The NZD is still weaker than both currencies following yesterday morning’s crunch lower after new Governor Orr said he sees an equal chance of the next move in rates being down as up. The NZD has recovered about two thirds of its losses against the USD but none versus other currencies, including the AUD. US stocks and bonds both liked the softer CPI news, the S&P finishing up almost 1% with the VIX at its lowest close since Jan 26th, 10-year Treasuries down 2.5bps to 2.965% and the 30-year 5bps following a strong auction.
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