FX News

Greenback Under The Pump

Key Points:

• Worldwide coronavirus cases surpass 213.211 million with over 4.452 million official
• Australia weekly consumer sentiment survey: 101 – previous week 101.
• New Zealand Finance minister Robinson reports NZ has a strong fiscal position to handle lockdowns.
• New Zealand has 107 community cases of coronavirus with 35 new cases announced yesterday. Meanwhile the Australian State of New South Wales had 818 new cases yesterday with Victoria 50.
• Australian GDP will most likely fall 2.0% in the third quarter, then expand by 2.0% in the fourth quarter as restrictions are gradually eased.
• Gains in US Stocks/Equities overnight with the Nasdaq closing up 1.55% after word that the Pfizer Vaccine has been formally approved by the FDA

Major Announcements last week:

  • US Retail Sales prints at a miserable -1.1% for July
  • NZ Cash Rate unchanged as NZ enters lockdown level 4
  • UK CPI y/y comes in at 2.0% lower than the predicted 2.3%
  • Australian Unemployment Rate prints at 4.6% in July from June’s 4.9%
  • US Employment claims comes in at 348k lower than the 362k figure of newly registered unemployed
  • UK reports July Retail Sales at -2.5% after 0.2% expected
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