Despite good ADP and ISM services data, the USD has corrected lower. With equities re-stabilising, the risks remain of further USD pullbacks after a rally that has exceeded what rate differentials can justify. Today, we see the BoE on hold despite mounting speculation of a pre-Budget cut. Norges Bank is likely to hold too, with low risks of guidance tweaks
The Riksbank and the ECB are both in a 'good place'. However, the risks that rates will be lowered again in Sweden are even lower than in the eurozone, as the growth outlook continues to improve and the Riksbank already took rates below 2% in September. We don't expect any new guidance at this meeting, and the krona's outlook remains good into 2026
Log in to today's North American session Market wrap for September 22
Markets started the week on the back foot today, but shook off early concerns as US tech shares continued their impressive rise.
This was fueled by a promise from Nvidia to invest up to $100 billion in OpenAI, boosting excitement around artificial intelligence.
ile stocks continue to hit new highs, the worldwide sell-off in long-term government bonds is gathering pace. Rates actually rose more in nearly every G10 country than they did in the US last week, which certainly contributed to dollar weakness.
