FX News

RBA & RBNZ In The Spotlight: 2021-10-05

Market Overview

Key Points:
• Worldwide coronavirus cases surpass 236.079 million with over 4.821 million official deaths.
• New Zealand has 287 active cases of coronavirus with 29 new cases yesterday. Meanwhile, the Australian State of New South Wales reported 623 new cases and 6 deaths yesterday with Victoria reporting 1377 new cases with 4 deaths
• Hikes are on the way for the RBNZ starting tomorrow but analysts remain cautious
• WTI Crude up over 77.60 a barrel
• Chinese electricity outages causes mass supply chain issues, coal reserves have become dangerously low
• Evergrande sank the Hang Seng Index by over 2.0% overnight as repayment worries continue
• Core US inflation is not predicted to drop to their target 2.0% over the following couple of years with 2.8% forecast in 2022 with rises in export prices forecast

Major Announcements last week:
US Retail Sales for August up 1.8% vs 0.7% forecast
Crude Oil heads for 80.00 per barrel
Chinese Manufacturing contracts in September for the first time since Feb 2020
Canadian GDP August m/m -0.1% vs -0.2% predicted
US Manufacturing Index September 61.1 vs 59.6 expected- 16th consecutive month of growth

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