FX News

FX Update: Kiwi Punching Higher Amid Covid

Market Overview

Key Points:

• Worldwide coronavirus cases surpass 217.777 million with over 4.522 million official deaths.
• New Zealand has 562 community cases of coronavirus with 53 new cases announced yesterday. Meanwhile, the Australian State of New South Wales had 1290 new cases yesterday with Victoria 76.
• Japan Industrial Production for July -1.5% m/m based on -2.5% expected.
• Japan’s Unemployment Rate for July came in at 2.8% – 2.9% expected.
• New Zealand Building Permits for July +2.1% m/m, 3.8% prior.
• The Pentagon announces completion of the US withdrawal of troops from Afghanistan.
• Hurricane Ida weakens out to a tropical storm with flash flooding continuing in Southern Louisiana and Southern Mississippi.

Major Announcements last week:
US pending Home Sales comes in at -1.8%, 0.5% expected
Austalian Retail Sales for releases at -2.7% vs -2.6% expected
US prelim GDP q/q prints at 6.6%
Eurozone Manufacturing prints down on expectations as growth wanes

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