FX News

FX Update for 2021-10-26: Risk Currencies on the Move

Market Overview

Key Points:
• Worldwide coronavirus cases surpass 244.753 million with over 4.968 million official deaths.
• New Zealand has 1256 active cases of coronavirus with 109 new cases yesterday. Meanwhile, the Australian State of New South Wales reported 294 new cases and 4 deaths yesterday with Victoria reporting 1461 new cases with 7 deaths
• German economic growth is predicted to slow significantly in the fourth quarter
• Ex-Fed chairman Alan Greenspan has waded in on the US inflation “transitory” debate and views a real threat of inflation remaining above 2% long-term
• A new Delta variant has experts worried in the UK with the new variant possibly more transmissible, it accounts for over 6% of all covid cases at a time when new cases are rising rapidly, the only positive news is that it seems to be less fatal than regular delta
• President Biden is to lift travel bans from November 8th
• Chinese firm Evergrande has made its interest payment obligations by paying more than 83.5M Friday but say they cannot guarantee future payments will be made
• UK Chancellor Sunak is set to raise the minimum wage from 8.91 to 9.45 Pounds

Major Announcements last week:
NZ quarterly CPI prints at 2.2% up from 1.5% predicted and higher than second quarter’s 1.3%
Chinese third quarter gerowth dissapoints at 4.9% down froms econd quarter’s 7.9%
UK y/y inflation releases at 3.1% in line with expectations
Canadian CPI m/m publishes at 0.2% taking the y/y figure to 4.4% up from 4.1%

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