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27 Aug 2024

27 Aug 2024

Hanging in there

• Range bound. Limited moves across most markets. News flow has been light. USD drifted lower. AUD & NZD towards the top of their respective ranges.• Iron ore. The revival has continued. Iron ore prices now over 11% above mid-August lows on the back of signs oversupply risks are easing.• AU inflation. Monthly CPI due today. A lot of uncertainty because of electricity subsidies. A large drop in headline inflation could drag on the AUD. ‘Steady as she goes’ over the past 24hrs with consolidation the main theme across most major markets. News flow has been light. The major European...

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27 Aug 2024

Currencies Lose Momentum as Caution Sets In

The euro, pound, and yen are essentially flat against the dollar this morning as month end flows begin to dominate the foreign exchange landscape, with market participants generally inclined to cut leverage ahead of what could be an extremely dangerous September. Data releases continue to paint a mixed picture of fundamental developments in the US economy. Yesterday’s July durable goods report beat expectations on the headline level, but proved disappointing on closer examination. Overall orders climbed 9.9 percent from the prior month, but this was largely due to a jump in aircraft orders, which rose almost $23.4 billion after falling...

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