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GBP, NZD on Top as Both Markets Show Need For Further Tightening

FOREX
  • NZD outperforms all others in G10, with NZD/USD looking to snap the downtrend posted off the mid-July highs and a close $0.60 today would go someway to arresting the downside momentum. Moves follow the RBNZ decision overnight, at which the bank kept the headline policy rate unchanged, however signalled that further rises in the policy rate may be necessary to combat inflation ahead.
  • GBP/USD showed through the week's highs on the back of the CPI release, which added to inflation concerns triggered in yesterday's wages data. While headline CPI pulled lower, the rate came in just above expectations and core CPI held stubbornly close to cycle highs. The data showed another series high for services inflation, which will remain a key concern for the Bank of England ahead. The 50-dma could cap topside ahead, crossing at 1.2781. A break and close above this mark would be a bullish development.
  • Concerns around the Chinese economy remain a key driver - with the USD weaker and US stock futures holding close to yesterday's lows. Markets remain on watch for further policy action given the cuts to the open market operation rates earlier this week. USD/CNH printed a new August high at 7.3387.
  • US housing starts and building permits data takes the US data focus ahead, with industrial production and the Fed minutes also set for digestion.
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