FX

US Treasury Auction Demand May be Supporting USD

_{Posted on Feb 21, 2018}

UST auction demand may be supporting USD

The USD was broadly higher overnight with buying possibly linked to foreign participation in the record US Treasuries auctions. US Treasuries with higher yields may possibly be attracting foreign buyers, which maybe the reason for this week’s demand for USD.

EUR & GBP: Likely sidelined by USD for now

EUR declines to 1.2330 overnight (from a 1.2557 high late last week) as the USD rebound continues. The German ZEW survey showed the Current Situations dip but still at elevated levels (92.3 versus 93.9 consensus) and the Expectations index a little higher at 17.8 versus 16.0 consensus. More importantly, the survey reveals German inflation expectations have begun to rise.
Sterling gains overnight from press reports that the European Parliament may call for UK to have ‘privileged’ single-market access after Brexit. This would likely be a positive development for the UK when considering EU negotiators had previously suggested it may only have limited access to the EU single market in a Canada-style deal.

Commodity Bloc: AUD & NZD sidelined for now against a more neutral USD

AUDUSD is back down at 0.7880 after hitting a high of 0.7989 late last week. The Reserve Bank of Australia (RBA) Minutes released yesterday only note that inflation will rise gradually as the economy strengthens, which – once again – likely reinforces the view for no near-term move on rates by the RBA.
Meanwhile, NZD is largely unfazed by the weaker dairy auction results released this morning with the Global Dairy Trade (GDT) price index falling -0.5% versus the +5.9% and the overall price index rising only 0.3% versus +7.6% prior.

This is an extract from the Daily Currency Update, dated 21st February 2018. Please approach a Citigold Relationship Manager if you would like more information.

_{By Citi Wealth Insights | Apr 22, 2024}

Japan’s nominal wage growth may set the BoJ to pursue a faster pace of tightening in H2’2024

JPY: Japan’s nationwide core CPI (excluding only fresh food) rises 2.6% YoY in March, down from a 2.8% YoY advance in February. The result is also slightly weaker than consensus expectations for a 2.7% YoY rise.

FX Economy

_{By Citi Global Wealth Investments | Apr 18, 2024}

Weekly FX Focus - GBPAUD – Scales Are In Favor Of The More Resilient Economy

Markets currently price in pricing discounts for the UK with the first cut expected at the Bank of England's August 1st meeting. Meanwhile, markets price in a rate cut being likely in November and possibly pushed into 2025, coupled with declining iron ore prices, are rate differentials in favor of AUD?

FX Economy

_{By Citi Wealth Insights | Apr 15, 2024}

DXY in a 104 – 107 range may temporarily break through the upper end of the range on sharply rising geopolitical tensions

USD: In data released Friday, the University of Michigan consumer sentiment index dips to 77.9 from 79.4, below consensus for 79.0. Sentiment jumped sharply across the turn of the year but has made no further net progress, despite the stock market hitting new highs.

FX Economy

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This communication does not constitute the distribution of any information in any jurisdiction in which it is unlawful to distribute such information to any person in such jurisdiction.

CHKL does not provide discretionary portfolio management services.

Singapore: This communication is distributed in Singapore by Citibank Singapore Limited (“CSL”) to selected Citigold/Citigold Private Clients. CSL provides no independent research or analysis of the substance or in preparation of this communication. Please contact your Citigold/Citigold Private Client Relationship Manager in CSL if you have any queries on or any matters arising from or in connection with this communication. Investment products are not insured under
the provisions of the Deposit Insurance and Policy Owners’ Protection Schemes Act of Singapore and are not eligible for deposit insurance coverage under the Deposit Insurance Scheme.

This communication is for general information only and should not be relied upon as financial advice. The information herein has no regard to the specific objectives, financial situation and particular needs of any specific person and is not intended to be an exhaustive discussion of the strategies or concepts mentioned herein or tax or legal advice. Any person interested in the strategies or concepts mentioned herein should consult their independent tax, legal, financial or other advisors,
as appropriate. This communication does not constitute the distribution of any information or the making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom
it is unlawful to distribute such information or make any offer or solicitation.

Before making any investment, each investor must obtain the investment offering materials, which include a description of the risks, fees and expenses and the performance history, if any, which may be considered in connection with making
an investment decision. Interested investors should seek the advice of their financial adviser about the issues discussed herein as appropriate. Should investors choose not to seek such advice, they should carefully consider the risks associated
with the investment and make a determination based upon the investor’s own particular circumstances, that the investment is consistent with the investor’s investment objectives and assess whether the investment product is suitable for
themselves. Although information in this document has been obtained from sources believed to be reliable, CSL does not guarantee its accuracy or completeness and accept no liability for any direct or consequential losses arising from Its use.

CSL does not provide discretionary portfolio management services.

UAE: This document is distributed in UAE by Citibank, N.A. UAE. Citibank N.A. UAE is licensed by UAE Securities and Commodities Authority (“SCA”) to undertake the financial activity as Promoter under license number 602003.

Citibank N.A. UAE is registered with Central Bank of UAE under license numbers BSD/504/83 for Al Wasl Branch Dubai, 13/184/2019 for Mall of the Emirates Branch Dubai, BSD/2819/9 for Sharjah Branch, and BSD/692/83 for Abu Dhabi Branch.

This is not an official statement of Citigroup Inc. and may not reflect all of your investments with or made through Citibank. For an accurate record of your accounts and transactions, please consult your official statement. Before making any investment, each investor must obtain the investment offering materials, which include a description of the risks, fees and expenses and the performance history, if any, which may be considered in connection with making an investment decision. Each investor should carefully consider the risks associated with the investment and make a determination based upon the investor’s own particular circumstances, that the investment is consistent with the investor’s investment objectives.
At any time, Citigroup companies may compensate affiliates and their representatives for providing products and services to clients.

United Kingdom: This document is distributed in the U.K. by Citibank UK Limited and in Jersey by Citibank N.A., Jersey Branch.

Citibank UK Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our firm’s Financial Services Register number is 805574. Citibank UK Limited
is a company limited by shares registered in England and Wales with registered address at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB, Companies House Registration No. 11283101.

Citibank N.A., Jersey Branch is regulated by the Jersey Financial Services Commission. Citi International Personal Bank is registered in Jersey as a business name of Citibank N.A. The address of Citibank N.A., Jersey Branch is P.O. Box 104, 38 Esplanade, St Helier, Jersey JE4 8QB. Citibank N.A. is incorporated with limited liability in the USA. Head office: 399 Park Avenue, New York, NY 10043, USA.

DISCLAIMER [+]

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