Market Commentary
Markets took a back seat to the international terrorism emanating from Spain and spreading. The US political scene was highlighted by resignation of key Trump advisor. This may be seen as a sacrifice to the pressure from the left. The EUR traded 1.1750, while the GBP held 1.2870, amidst directionless trade from the Dollar. Commodity currencies took advantage of the lull, with the AUD breaking back above 0.7300, while the NZD pushed back o 0.7300. Global trade and PMI data will dominate economic markets, during the coming week, culminating in the Jackson hole gathering later in the week. Look out for Black Swans in a relatively quiet economic data week.
Weekly Calendar
21/8 NZ Credit Card Spending, Chicago Fed National Activity Index
22/8 Australia ANZ Consumer Confidence, German EU ZEW Confidence, US House Price Index, Richmond Fed Manufacturing Index
23/8 France/German/EU Services/Manufacturing/Composite PMI, US Weekly Mortgage Applications, US Manufacturing/Services/Composite PMI, US New Home Sales, EU Consumer Confidence
24/8 NZ Trade Exports/Imports, Kansas City Fed Jackson Hole, US Weekly Mortgage Applications, UK GDP, UK Trade Exports/imports, US Weekly Jobless Claims, US Existing Home Sales, Kansas City Fed Manufacturing Index, Japan Current Account
25/8 German GDP, German Trade Exports/Imports, US Durable Goods Orders, Yellen/Draghi speak at Jackson Hole
Paul Bettany
Collinson & Co
0406-744-923