FX News

Key FX Points for the Week…

Key Points:

Rising inflation and central bank cash rate rises into recessions, paints difficult and strange times ahead, looming gas prices and supply chain issues will cause issues for some time to come- the Russia-Ukraine war ensures more isolated problems particularly for the Eurozone region with Germany expected to go deep into recession over the second part of 2022
US recession definitions are being debated as to what officially constitutes a formal recession after the “prelim” US GDP published negative overnight
Yellen says the US economy remains resilient despite headwinds
Chinese Xi and US President Biden spoke on the phone for over two hours- I suppose this is a good sign?
US jobless claims 256k vs 253k estimate
The Bank of Japan (BoJ) has said its appropriate for the bank to carry on with its current loose monetary policy
Japanese inflation for July CPI 2.5% prior 2.4% the 10th straight month of rises
NZ 2-year Inflation expectations dropped from June’s 5.6% to 4.9% in July showing positive signs recent rises in cash rates by the RBNZ are working
The Australian Dollar (AUD) is the strongest currency this month (July) while the Euro (EUR) is trading at the weakest by a long way.

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