| Daily Market Commentary
The Fed Minutes were released overnight and confirmed that the cut was not a 'pre-set course' and was a 'mid-cycle adjustment'. This was no new news, but did indicate a couple of members wanted a 50 point cut, which did not eventuate. This is a week that will be dominated by the Federal Reserve and other Global Central Banks as they gather in Jackson Hole for their annual symposium. It is likely the Fed Chairman Powell will set the tone in his speech on Friday. The 10 year bond slipped back again to 1.5690% again, indicating that the market anticipates further rate cuts
The Dollar remained firm and global equities charged ahead with the monetary stimulus. British PM Boris Johnson met with German Chancellor Angela Merkel and it appeared there is room for a deal. The EUR traded just below 1.1100, while the GBP remained firm, pushing up to 1.2125. NZ Credit Card spending contracted and the NZD struggled to hold 0.6400, while the AUD pushed back to 0.6785. The Australian PMI data, released today, may impact the local currency but the narrative remains focused on Central banks and the coming G7.
| | | | Key Dates & Headlines
Weekly Market Calendar
19/8 NZ Services PMI, UK House Prices, Japan Trade Exports/Imports, NZ Dairy Auction, EU Current Account, EU CPI
20/8 Australia Consumer Confidence, RBA Minutes, EU Construction
21/8 NZ Credit Card Spending, US Weekly Mortgage Applications, US Existing Home Sales, FOMC Meeting Minutes,
22/8 Australia Services/Manufacturing/Composite PMI, Federal Reserve Symposium Jackson Hole, Japan Manufacturing PMI, France/German/EU Services/Manufacturing/Composite PMI, US Weekly Jobless Claims, US Services/Manufacturing/Composite PMI, Kansas City Fed Manufacturing Activity
23/8 NZ Retail Sales, Japan CPI, Fed Chairman Powell addresses Jackson Hole Symposium, US New Home Sales
| | | Key Burre
| Currency | | | AUD / USD | 0.6780 | | AUD / GBP | 0.5590 | | AUD / EUR | 0.6110 | | AUD / NZD | 1.0600 | | AUD / JPY | 72.25 | | AUD / CAD | 0.9015 | | AUD / SGD | 0.9380 | | AUD / CHF | 0.6660 | | AUD / HKD | 5.3180 | | AUD / THB | 20.87 | | AUD / ZAR | 10.3150 | | AUD / DKK | 4.5600 | | AUD / SEK | 6.5290 | | | | | Equity | | | All Ord | 6,572 | | DOW | 26,185 | | NASDAQ | 8,014 | | FTSE | 7,203 | | NZSE | 10,709 | | | | | Commodity | | | Gold | 1,514 | | Oil | 55.71 |
*Indicative Rates only showing buy and sell midpoint
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