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Debt market spooks equities (Daily analysis 23.02.2021)

23 Feb 2021 9:19|Bartosz Sawicki

Equities and cryptocurrencies have recently become unsettled by the pace of the bond market sell-off. At the same time, industrial commodities continue their upward trajectory and reignite reflationary tendencies.

The US dollar ticks a tad higher against G-10 peers and dominates against emerging markets currencies. The EUR/USD pair managed to erode 1.2150, yet the move higher faded below the 1.22 handle. The pound sterling continues its stellar performance, and the GBP/USD pair sky-rockets to trade close to the 1.41 handle and is at the highest levels in almost three years. In contrast, the Swedish krona turns sharply lower as European equity markets sink.

A key event of the day is Jerome Powell's semi-annual testimony before the Senate Banking Committee. We expect hardly any new information on monetary policy prospects and a clear reiteration that the Federal Reserve will remain patient before even considering removing the stimulus. Noteworthy, a rapid rise in yields and the inevitable tightening of the financial conditions triggered some comments from the European Central Bank's Governing Council. Both Christine Lagarde and François Villeroy repeated that the ECB closely monitors longer-term nominal bond yields.

23 Feb 2021 9:19|Bartosz Sawicki

This commentary is not a recommendation within the meaning of Regulation of the Minister of Finance of 19 October 2005. It has been prepared for information purposes only and should not serve as a basis for making any investment decisions. Neither the author nor the publisher can be held liable for investment decisions made on the basis of information contained in this commentary. Copying or duplicating this report without acknowledgement of the source is prohibited.

See also:

22 Feb 2021 13:22

Rising yields fail to support the dollar (Daily analysis 22.02.2021)

19 Feb 2021 10:31

Euro’s bounce is supported by PMIs (Daily analysis 19.02.2021)

18 Feb 2021 10:20

A short-lived U.S. dolar recovery (Daily analysis 18.02.2021)

17 Feb 2021 9:57

The US dollar goes up. The pound the most expensive this year (Daily analysis 17.02.2021)

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