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What to Watch - Week of 19 August

It’s quiet on the data docket locally with the RBA meeting minutes on the watchlist. On the corporate calendar though reporting season kicks into full swing. Around the globe, central banks remain the name of the game with markets tipping a 30% chance of a supersized 50bps cut from the Swedish central bank, and investors await a key address from FOMC Chair Jerome Powell at the Jackson Hole Symposium.
NAB Markets Research
19 August 2024
Created by potrace 1.15, written by Peter Selinger 2001-2017 3 mins read

Tapas Strickland | Markets Research

Past Week

  • Across the Ditch the RBNZ cut rates by 25bps as expected by our BNZ cousins, but who were in the minority of calling for a cut. Sharp moves were seen in the NZD and Kiwi rates
  • Strong Australian jobs data this week confirms the notions of the labour market remaining tight, but gradually loosening given wages and unemployment. RBA’s Bullock pushed back on near term pricing for cuts

Week ahead

  • Australia has a quiet week with just the RBA Minutes (Tuesday). These are unlikely to contain much new insight given the plethora of RBA speak
  • Two key US events are central bankers meeting in Jackson Hole (Thursday‑Saturday), and the Democratic Convention
  • US Fed Chair Powell’s speech at Jackson (Friday) will be closely scrutinised and should firm up expectations of a September rate cut
  • On the central bank radar, the Riksbank (Sweden) meets (Tuesday) and markets are pricing around a 30% chance of a supersized 50bp cut
  • Canadian CPI (Tuesday) also under focus amid a switch in the BoC’s assessment of risks. A softer than expected CPI print could raise the potential of a supersized 50bp cut as well
  • Global PMIs (Thursday) are the pick of the European data flow with European markets much more sensitive to the PMIs
  • Asia has a relatively quiet week with China loan prime rates expected to be unchanged. Japan though could be more exciting with CPI (Friday) along with BoJ Ueda in front of Parliament
  • Little data of note in NZ apart from Q2 Retail Sales on Friday

View the full report here

 

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NAB Markets Research

Our markets team is keeping clients informed with award-winning in-depth analysis on the Australian economy, foreign currency, fixed income, credit and commodities markets.