受本周央行行动和言论的拖累，全球股市周五以下跌结束一周的交易。 英格兰银行和挪威银行均加息 50 个基点，瑞士央行加息 25 个基点。在此之前，欧洲央行已加息25点，而且欧洲央行和美联储均声称未来会继续加息。 美联储主席鲍威尔出现在国会面前，发出了激进而强硬的信息，表示将向通胀宣战并进一步加息。 市场虽然表现出对的言论不以为然，但现实正在慢慢显现。 欧洲和美国的 PMI 数据疲软且为负值，债券收益率曲线的倒挂倒挂也预示着经济衰退。 美国2/10年期国债收益率差距已经为负值一年多了，而且还在扩大。 美元反弹，欧元回落至1.0850，英镑跌破1.2700。
美元上升推低商品货币，纽元回升至0.6100，而澳元则跌破0.6700。 经济衰退不利于大宗商品需求，中国经济反弹似乎不温不火。 未来一周将重点关注增长和通胀，欧洲通胀数据将于本周晚些时候发布，美国将发布重要的个人消费支出 (PCE) 数据，此外美国和英国的GDP增长数据也将受到密切关注。
Global equity markets closed out a week of losses on Friday, mugged by Central Bank actions and narratives during the week. The Bank of England and the Norges Bank, both raised rates by 50 basis points and the Swiss National Bank by 25. This follows a rate rise by the ECB and assurances by both the ECB and the Fed of more to come. Federal Reserve Chairman Powell appeared before Congress with an aggressive and hawkish message of a war on inflation and more rate rises to come. Markets had dismissed the rhetoric on the day of the FOMC meeting, the week previous, but reality is slowly dawning. PMI data across Europe and the USA was soft and negative, with inverted bond yield curves also pointing to recession. The US 2/10-year bond yield gap has been negative for more than a year and expanding. The Dollar rebounded, with the EUR slipping back to 1.0850, while the GBP dipped below 1.2700.
The rising reserve pushed commodity currencies lower, with the NZD heading back towards 0.6100, while the AUD crashed under 0.6700. Recession is not good for commodity demand and China’s economic rebound appears to be tepid. The coming week will focus on growth and inflation, with European inflation data to be released and the important PCE measure, from the USA, later in the week. US and UK GDP growth readings will also be watched closely.
The rising reserve pushed commodity currencies lower, with the NZD heading back towards 0.6100, while the AUD crashed under 0.6700. Recession is not good for commodity demand and China’s economic rebound appears to be tepid. The coming week will focus on growth and inflation, with European inflation data to be released and the important PCE measure, from the USA, later in the week. US and UK GDP growth readings will also be watched closely.
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