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Greenback drives Aussie | Eurozone inflation accelerates

Currency news

3 Mar 2023

The upswing in bond yields has continued, with markets coming around to the view that interest rates will need to keep moving higher for some time to slow growth.

 Peter Dragicevich from Corpay says this trajectory is impacting currencies, noting that the US dollar index jumped around half a percent overnight. He says risk assets moved higher, but this could be short sightedness in terms of the equity market. Inflation numbers out of the Eurozone were discussed, with the core number accelerating to 5.6. 

The Aussie is all about the US dollar at this point, with interest rate differentials clearly moving in more in favour of the US. Japan also released inflation numbers, with the Bank of Japan's meeting next week being Governor Kuroda's last meeting in charge. 

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