FX News

FX Update: NZ CPI ramps up rate hike expectation

Market Overview

Key Points:

• UK Prime Minister Truss says sorry to media for her recent mistakes – saying she will be sticking around after restoring economic stability
• Stocks rebound Monday erasing Friday’s declines
• Bank of Canada outlook looks to view a recession within 12 months
• ECB’s Guidos predicts the Euro to stabilise over the coming months with predictions of falling inflation
• Ukraine announced more than 100 prisoners have been swapped with Russia in what is the first all-female exchange in the 8-month war
• China have locked down a district in Zhengzhou telling 1million people to stay home signalling no change to their zero covid rules
• The British Pound (GBP) was the strongest currency last week while the Japanese Yen (JPY) was the worst performer.

Major Announcements last week:

• NZ Visitor arrivals were 541,000 in August, up from 330,000 in August 2021
• UK GDP m/m -0.3% vs 0.0%
• US PPI m/m 0.4% vs 0.0%
• US CPI y/y 8.2% vs 8.1% consensus
• US Retail Sales September 0.0% vs 0.2% expected

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