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Consolidating Post-Powell

FOREX

Major pairs are hugging tight ranges with moves limited in early Asia on Monday, consolidating after the greenback declined in the wake of FOMC Chief Powell at Jackson Hole.

  • JPY has shrugged off retail sales data earlier in the session, July retail sales rose 2.4% Y/Y, above estimates of a 2.1% increase.
  • In New Zealand there were reports the government will review current lockdown restrictions today.
  • Little movement seen in commodity currencies so far, but oil has firmed slightly as markets brace for the impact of Hurricane Ida in the Gulf of Mexico, more than 95% of crude oil production in the region has been taken offline.
  • Markets look ahead to GDP partials from Australia later in the session while German CPI data is on the docket for the European session. Further afield markets await the August US NFP print on Friday after Powell indicated the labour market has not reached the FOMC's threshold to taper just yet.
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