Economic Releases: 2021-10-04

Sunday 03/10
5am, AUD, Daylight Time Shift

Monday 04/10
All Day, AUD, Bank Holiday
All Day, CNY Bank Holiday
All Day, All, OPEC Meetings
All Day, All, OPEC-JMMC Meetings

Tuesday 05/10
All Day, CNY, Bank Holiday
4:30pm, AUD, RBA Rate Statement

Wednesday 06/10
3am, USD, ISM Services PMI
Forecast 59.9
Previous 61.7
All Day, CNY, Bank Holiday
2pm, NZD, Official Cash Rate
Forecast 0.50%
Previous 0.25%
2pm, NZD, RBNZ Rate Statement Read more

Key Points for 2021-10-01

Key Points:

Worldwide coronavirus cases surpass 234.463 million with over 4.794 million official deaths.
New Zealand has 272 active cases of coronavirus with 19 new cases yesterday. Meanwhile, the Australian State of New South Wales reported 941 new cases and 6 deaths yesterday with Victoria reporting 1438 new cases with 5 deaths
ANZ Consumer Confidence Index – September 104 vs 109 prior
WTI Crude up over 75.00 a barrel
Supply worries in the US are driving up inflation says Fed member Evans
Evergrande have made 10% repayments to investors fulfilling the first part of their repayment plan
New Zealand Building Permits for August up 3.8% beating estimates of 2.3% as 4,490 new homes are consented
362,000 was the number of individuals who filed for unemployment last week compared to 333,000 predicted, the highest read since early August

FX Update for 2021-09-28: Crude Oil Hits a 3 Year High on European Shortages

Market Overview

Key Points:

• Worldwide coronavirus cases surpass 232.951 million with over 4.767 million official deaths.
• New Zealand has 222 active cases of coronavirus with 12 new cases yesterday. Meanwhile, the Australian State of New South Wales reported 787 new cases and 12 deaths yesterday with Victoria reporting 705 new cases with 1 death
• North Korea have launched another target unidentified missile into the East Sea
• Federal Reserve’s Brainard says the US economy will likely make a complete recovery from coronavirus concluding the central bank shouldn’t need to raise rates
• Federal Reserve’s Evans sees one rate hike necessary in 2023 and mellow rises thereafter
• Iron Ore prices have recovered off the June 2020 low of 102.80 to push back towards 109.00 levels Read more

Economic Releases: 2021-09-27

Tuesday 28/09
7am, GBP, BOE Gov Bailey Speaks
230pm, AUD, Retail Sales m/m
Forecast -2.50%
Previous -2.70%

Thursday 30/09
445am, EUR, ECB President Lagarde Speaks
445am, GBP, BOE Gov Bailey Speaks
445am, JPY, BOJ Gov Kuroda Speaks
2pm, CNY, Manufacturing PMI
Forecast 50.3
Previous 50.1
Tentative, JPY, BOK Gov Kuroda Speaks Read more

Weekly Key Points: 2021-09-24

Key Points:

  • Worldwide coronavirus cases surpass 231.343 million with over 4.741 million official deaths.
  • New Zealand has 289 active cases of coronavirus with 15 new cases yesterday. Meanwhile, the Australian State of New South Wales reported 1063 new cases and 6 deaths yesterday with Victoria reporting 766 new cases.
  • UK Consumer Confidence -13 vs -8, the lowest level since April and the biggest monthly drop since October 2020
  • NZ Trade Balance for August has recorded a deficit of -2.144B – YTD is -2.94B 
  • Bank of England may consider raising rates before ending bond buying
  • Federal Reserve speak on tapering causes sharp rises in equity indices which are up over 1% on the day
  • Iron Ore prices continue to fall, dipping to $103 per ton this morning, the late June 2020 low

FX Update for 2021-09-21: Fed Risk Off Flow Dominates

Market Overview

Key Points:

• Worldwide coronavirus cases surpass 229.684 million with over 4.710 million official deaths
• New Zealand has 410 active cases of coronavirus with 22 new cases yesterday. Meanwhile, the Australian State of New South Wales reported 935 new cases and 4 deaths yesterday with Victoria reporting 567 new cases
• NZ third quarter consumer confidence dips to 102.7 from 107.1
• China construction company Evergrande defaults on loan obligations sparking fears of a downturn in the Chinese economy
• RBNZ Hawkesby said this morning that monetary and government spending policies have supported a strong recovery in spending
• Nasdaq and Dow are down over 1.5% this morning while the S&P tests the 100 day moving average
• Iron Ore prices have dipped to 104 per ton this morning, the early July 2020 low Read more

Weekly Key Points: 2021-09-17

Key Points:

  • Worldwide coronavirus cases surpass 227.760 million with over 4.681 million official deaths.
  • New Zealand has 565 active cases of coronavirus with 13 new cases yesterday. Meanwhile, the Australian State of New South Wales reported 1351 new cases and 12 deaths yesterday with Victoria reporting 514 new cases.
  • NZ Manufacturing PMI Index for August down to 40.1 – prior 62.6 highlighting lockdown impacts across the country.  
  • Greenback jumps on strong Retail Sales report +0.7% in August.
  • National house prices rose 1.7% seasonally adjusted in August to 850,000 or 25.5% from August 2020. 
  • Crude Oil continues to surge above 72.00 per barrel as US supply shortages weigh heavy on logistics.

FX Update for 2021-09-14: Markets Consolidate Ahead of US CPI

Market Overview

Key Points:

• Worldwide coronavirus cases surpass 225.996 million with over 4.651 million official deaths
• New Zealand has 614 active cases of coronavirus with 33 new cases yesterday. Meanwhile, the Australian State of New South Wales reported 1257 new cases and 7 deaths yesterday with Victoria reporting 473 new cases.
• Vaccine passports are coming to NZ with New Zealanders required to have proof of covid vaccinations by Christmas.
• A 6.1 magnitude earthquake has been felt in Tokyo, Japan- no tsunami alert has been issued as yet.
• National house prices rose 3.0% in August to 850,000 or 25.5% y/y from 677,400.
• Crude Oil surges above 70.00 per barrel as US supply shortages weigh. Read more