FX update: big dollar weakness pushes up Antipodean currencies
Market Overview
- The division between the US economy and the rest of the developed world is widening. The global growth gap sees the US expanding at a rate of 6.0% per year. In comparison- global growth has declined in the first part of the year continuing the downtrend which started last year. The world’s biggest economies are now well behind the US and India.
- The US Govt is close to approving “longer” range missiles packed with cluster bombs for Ukraine.
- North Korea’s Kim Jong Un will visit Russia over the coming days.
- Chinese August inflation 0.1% y/y vs expected 0.2%
- Canadian Unemployment dipped to 5.5% from 5.6% for August with the job’s number surprising markets coming in at 39,000 vs 19,000 expected highlighting a rebound from transitory times.
- The US Dollar (USD) has easily been the strongest currency this month with the British Pound (GBP) the worst performing currency
