Market Overview
Key Points:
• Several banks expect the Federal Reserve to hike 75 points this week
• US Congress is making plans to limit US investment into Chinese companies
• Bubbling inflation threatens to deepen the global crisis with disastrous scenarios
• Crude Oil settles above 120.00
• The Ukraine agriculture minister says Ukraine has lost 25% of their arable land due to the war
• UK monthly GDP -0.3% vs 0.1% m/m predicted
• The New Zealand Institute of Economic Research is forecasting downward revised growth in NZ over the coming years
• UK plans to cancel parts of the post Brexit deal agreed with the European Union in 2019
• The US Dollar (USD) is the strongest currency this week with the Australian Dollar (AUD) and New Zealand Dollar (NZD) the weakest as risk mood deteriorates
Major Announcements last week:
- Boris Johnson survives a vote of no-confidence
- RBA hike Interest Rate from 0.6% to 0.85%
- ECB left their benchmark rate unchanged
- Canadian Unemployment Rate surprised to the upside at 5.1% beating out expectations of 5.2%
- US CPI m/m rose 1.0% vs 0.7% predicted