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Forex Market Recap (22-27 August 2021)

It was a relatively quiet and mixed week for the financial markets as traders awaited the Jackson Hole Economic Symposium. Risk-on sentiment kicked into overdrive on Friday after Fed Chair Jerome Powell gave his speech at the Jackson Hole event, effectively re-iterating that the Fed was a long way away from raising interest rates and that there was still no rush to tapering bond-buying operations.

USD:

  • Weekly jobless claims hold around pandemic-era low
  • GDP revised higher to 6.6%
  • Bullard says the Fed has to ‘get going’ on the taper, may need to get aggressive to stop inflation
  • Key US inflation gauge rises 3.6% from a year ago to tie the biggest jump since the early 1990s
  • Fed’s Mester says taper should begin this year, end middle of next
  • Fed’s Powell holds fast to ‘this year’ timeline for bond-buying taper
  • The Supreme Court will allow evictions to resume which could affect millions of tenants

EUR:

  • Growth in French business activity eased in August
  • German private sector stays on a growth path in August
  • German final GDP upgraded from 1.5% to 1.6% in Q2
  • German GfK consumer climate index at -1.2 vs. -0.5 forecast
  • ECB says new forward guidance does not necessarily mean low-interest rates for longer

GBP:

  • UK recovery loses momentum as supply constraints hit output growth in both the manufacturing and service sectors
  • Manufacturing output growth eases, while stock adequacy hits new record low
  • Retail sales and orders growth soar but supply issues mount

CAD:

  • Corporations’ net income before taxes, seasonally adjusted to $105.5B Q2 2021
  • Payroll employment rose by 214,800 (+1.3%) in June
  • Industrial PPI fell 0.4% m/m in July and was up 15.4% y/y. Raw Materials Price Index (RMPI), was up by 2.2%

JPY:

  • BoJ Core CPI y/y: +0.20%
  • Services PPI for July: +1.1% vs. 1.3% forecast
  • Core consumer prices stop falling for 1st time in 13 months
  • Japan further expands virus emergency areas as cases surge
  • Consumer price falls narrow on global commodity inflation

AUD:

  • Manufacturing PMI slows in August
  • Construction work rises 0.8% in Q2, misses forecasts
  • Retail sales plunge in July, economy set to shrink

NZD:

  • Headline retail sales up 3.3% in Q2 vs. 2.4% forecast
  • RBNZ Assistant Governor Hawkesby says rate changes are not tied to lockdowns

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