- More on Goldman Sachs saying a near term nuclear deal with Iran is unlikely
- Iran's parliament will hold a closed session on Wednesday to discuss nuclear deal
- New Zealand dollar gaining after the RBNZ raises its projections for the cash rate ahead
- RBNZ hikes its cash rate by 50bp as expected
- Australian dollar hit lower after Q2 wages data miss
- Australian Q2 wages data +0.7% q/q (expected 0.8%)
- Jiangsu Province China to limit power to manufacturers to ensure electricity for homes
- PBOC sets USD/ CNY mid-point today at 6.7863 (vs. estimate at 6.7876)
- Westpac-Melbourne Institute Leading Index still pointing to above trend growth in 2022 H2
- Singapore data - July NODX +1.4% m/m (expected -3.8%) & +7% y/y (expected +6%)
- Goldman Sachs says a nuclear deal with Iran is unlikely in the near term
- Elon Musk tweets that he is buying Manchester United
- Japan data - June Machinery orders +0.9% m/m (expected +1.3%)
- Japan data: July exports +19.0% m/m (expected 18.2%) & Imports +47.2% y/y (expected 45.7%)
- CAD traders ICYMI - Bank of Canada Governor Macklem says inflation may have topped out
- Reuters Tankan - Manufacturing sentiment hits a 7 month high
- Fund managers: most likely source for a systemic credit event is Chinese & global property
- New Zealand data - Q2 PPI inputs +3.1% q/q & outputs +2.4% q/q
- RBNZ policy announcement 17 August 2022 - NZD/USD levels
- RBNZ to hike its cash rate by 50bp today, Wednesday, 17 August 2022
- Russia issues revised forecasts. TL;DR is "not as bad as expected".
- Oil - private survey of inventory shows a slightly larger than expected headline draw
- Trade ideas thread - Wednesday, 17 August 2022
- Forexlive Americas FX news wrap: Dollar gives some back, oil falls to lowest since January
- Mixed result for the major indices today
Oil prices were fairly steady during the session here. Speculation on the fate of the nuclear deal talks continued to mount. Goldman Sachs had a piece out with their assessment that a deal was unlikely in the near term. Goldman Sachs went on to state the obvious, saying that even if a deal is reached there would be no meaningful additional flows until the beginning of 2023 at the earliest.
The next item of note was from Australia, where wages data showed continued growth during Q2, although the extent did miss the central estimate. The Australian dollar was marked down on the data result. It has retraced its loss to be slightly lower on the day as I post.
On the central bank front we then had the Reserve Bank of New Zealand decision. In addition to hiking the official cash rate (OCR) by the expected 50bp the RBNZ issued revised projections for the OCR ahead. These showed the cash rate is expected to be raised higher than was previously forecast. NZD/USD had dropped a little on the Australian data earlier but was then marked higher on the RBNZ. Its since dropped back from highs just above 0.6380.
