US consumer confidence dipped again and remains on par with where we were during the pandemic. Concerns about the potential for tariff-induced price rises, a rapidly cooling jobs market and uncertainties over wealth are all having an influence and point to subdued consumer spending growth over the coming months
We are one week out from Japan’s financial year-end. An often-asked question is whether there is any seasonality in USD/JPY running into FY-end. The theory goes that Japanese companies may repatriate foreign earnings to dress up their balance sheets for the FY.
Concerns over the US growth outlook were amplified by Friday’s weak consumer spending data. Nevertheless, a recovery in tech stocks led US equity prices higher. Government bond yields were lower, as market pricing for the fed funds rate switched to price in more interest rates cuts this year.
