FX News

FX Update: Greenback Struggles

Market Overview

Key Points:

• Rishi Sunak has been appointed by King Charles III as the new prime minister of Great Britain and replaces Liz Truss only 44 days in. Sunak is the first Hindi prime minister and the youngest for more than 200 years at the age of 42
• Most NZ economists believe NZ inflation has topped out
• Bank of Canada’s Macklem expects to see growth near zero over the next few quarters
• The Peoples Bank of China sold US Dollars Tuesday to support the declining Yuan
• Australian Inflation soars through 7.0% y/y with questions being raised as to where this leaves the RBA
• The British Pound (GBP) has been the strongest currency this week while the US Dollar (USD) has been the worst performer

Major Announcements last week:

  • UK CPI y/y 10.1% up from 9.9%
  • Australian Unemployment 3.5% remains unchanged
  • German Manufacturing 45.7 vs 46.9
  • Australian CPI rises from 6.1% to 7.3% y/y
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