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Hugging Post-Powell Ranges

FOREX

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

  • JPY slightly firmer, data earlier in the session showed July retail sales rose 2.4% Y/Y, above estimates of a 2.1% increase.
  • AUD and NZD both a handful of pips lower. The COVID situation remains in focus, in Australia NSW reported another record rise in cases while in New Zealand there were reports the government will review current lockdown restrictions today. AUD largely ignored data which showed company operation profit rose 7.1%, well above estimates of 2.5%.
  • Little movement seen in commodity currencies, 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. WTI firmed at the start of the session but gave up gains after reports that Ida had moved inland.
  • 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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