S&P 500 — US Large Cap Index
FTSE 100 — UK Blue Chips
Euro Stoxx 50 — Eurozone Leaders
DAX 40 — German Equities
CAC 40 — French Market Index
Nikkei 225 — Japan Benchmark
Hang Seng — Hong Kong Index
Shanghai Composite — China Mainland
ASX 200 — Australian Market
TSX Composite — Canada Index
Nifty 50 — India Large Cap
STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
JSE Top 40 — South Africa Index
IPC Index — Mexico Market
TD Cowen’s Washington Strategy team, led by Chris Krueger, notes that a durable rebound in the Dollar hinges on stronger US policy follow-through and renewed upside surprises in US data. The analysts remain broadly bearish on the Dollar for now, highlighting limited upside versus the Canadian Dollar and Chinese Yuan as markets await key US payrolls and inflation releases.
USD outlook tied to data strength
“Durable USD rebound requires stronger policy follow-through & renewed upside in US data.”
“US payrolls likely to post a meaningful rebound in Aug after very disappointing July showing. EUR’s CPI release also top of mind for markets.”
“While US rates digest the updates to the Treasury’s buyback program, the curve remains flatter & term premium has dipped. US markets will focus on payrolls next week, w/ a stronger print likely to cause a sharper reaction than a subdued employment report.”
