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According to Fox News: US Middle East envoy Witkoff said a meeting on the Gaza issue will be held at the White House on Wednesday.On August 27, UBS reported that Federal Reserve Chairman Powells speech at Jackson Hole was "classic Powell style," signaling a higher probability of a September rate cut to offset the drag of trade tariffs, but lacking guidance on a medium-term policy framework for economies facing structural change. While the market welcomed the hint of a rate cut, the bank believes its core message is essentially "data-dependent rhetoric wrapped in flowery rhetoric." UBS noted that Powells failure to offer a stronger defense of the Feds independence could lead to: ① renewed inflation uncertainty; ② a potential additional full percentage point increase in real borrowing costs; and ③ ripple effects on fiscal policy, business investment, housing affordability, household savings, and speculative activity.According to Japans Asahi Shimbun: Japanese Minister of Economic Revitalization Ryo Akasawa is planning to travel to the United States on August 28.On August 27th, the three major U.S. stock indices closed slightly higher as investors shrugged off Trumps dismissal of a Federal Reserve governor—an action that could now lead to legal action. Peter Cardillo, an analyst at Spartan Capital Securities, said, "We have to wait and see how this unfolds. The market seems to be ignoring Trumps dismissal of Tim Cook. Investors are also closely watching tomorrows earnings report from AI chip giant Nvidia."Iraqs State Oil Marketing Organization SOMO: Iraqs oil exports reached 104.7 million barrels in July.

NZD/USD falls rapidly from 0.6260 when the RBNZ announces a decline in inflation projections to 3.07 percent

Daniel Rogers

Aug 08, 2022 12:00

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The NZD/USD pair has encountered selling pressure while attempting to surpass the immediate resistance level of 0.6260. The asset has seen bids after the Reserve Bank of New Zealand (RBNZ) announced inflation estimates at 3.07 percent, down from 3.29 percent previously. It could be an indication of waning price pressure, but additional evidence is still needed to support the argument.

 

Price pressures in the New Zealand economy are increasing and have not yet shown signs of weariness. A June report indicates that an inflation rate of 7.3% is adequate to generate headwinds for families. The RBNZ is consistently escalating its policy tightening measures to combat the same. RBNZ Governor Adrian Orr has already increased the Official Cash Rate by 2.50 percentage points.

 

On the front of the US dollar, the US dollar index (DXY) has returned all intraday gains and is currently trading near the day's open at 106.60. While attempting to break over the crucial resistance level of 106.80, the DXY has encountered selling pressure. This week, investors' attention is centered on Wednesday's release of the US Consumer Price Index (CPI).

 

The annual inflation rate is projected to continue at 8.7 percent, down from 9.1 percent in the previous report. Oil prices have been on a downward trend in July, which may be the determining factor for a significant decline in the price increase index. While the US CPI excluding volatile food and oil prices may increase from 5.9 percent to 6.1 percent, the previous reading was 5.9 percent.

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