An upward lurch in the oil price and fresh highs for US bond yields sent the Australian dollar tumbling below US63.4¢ overnight, as fears of a protracted high-rate environment continued to weigh on investor sentiment.
Oil’s overnight fresh highs for the year prompted fresh selling in the bond market after US crude stockpiles at the Cushing storage facility dropped just below 22 million barrels, close to operational minimums. Oil’s gains are propelling the recent “higher-for-longer” sentiment sweeping markets, as investors contemplate the impact of higher fuel costs on the world’s inflation woes.Andrew McCaffery, global chief investment officer at Fidelity International, said the message seemed clear: rates would remain higher for longer.
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