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September 25, 2021

Forex Market Recap (19-24 September 2021)

Bart Kurek

As far as the major currency pairs, price action was pretty inline with the usual tendencies when broad risk sentiment dominates. In the end, the Canadian dollar ended up taking the top spot, possibly benefitting not only from the positive shift in risk sentiment on Wednesday, but also on rising oil prices as data showed a decline in inventory.

USD:

  • Building material shortages depress single-family housing
  • Home sales fall, house price inflation cooling
  • The Fed’s new Dot Plot shows officials are now evenly split on whether or not it will be appropriate to begin raising the fed funds rate as soon as next year
  • Weekly jobless claims total 351,000, worse than expected
  • Flash Manufacturing PMI at 60.5 vs. 61.1 in August
  • Services Business Activity Index at 54.4 vs. 55.1 in August

EUR:

  • German PPI rose 1.5% in August
  • French flash manufacturing PMI down from 57.5 to 55.2 vs. 57.1 forecast
  • French flash services PMI down from 56.3 to 56.0 vs. 56.1 forecast
  • German flash manufacturing PMI down from 62.6 to 58.5

GBP:

  • Property asking prices hit record high as buyer demand heats up
  • Public sector borrowing sees second-highest August on record
  • Flash manufacturing PMI down from 60.3 to 58.3
  • Flash services PMI down from 55.0 to 54.6
  • BoE opens the door for 2021 rate hike as inflation seen above 4%
  • UK retail sales growth slows to 6-month low in September

CAD:

  • PM Trudeau wins elections but short of the majority
  • Canada new house prices rise 0.7% in August

JPY:

  • BoJ keeps policy steady, offers a bleaker view on exports
  • BoJ more downbeat on exports, output even as recovery seen on track
  • September manufacturing activity growth slows

AUD:

  • PM Morrison says trade talks with EU will take time
  • Central bank wary in case Delta slows recovery
  • Private sector contraction shows signs of easing in September
  • Australia should do more to contain the housing bubble

NZD:

  • Services activity contracts in August
  • Credit card spending sank by 6.3% in August
  • RBNZ’s Hawkesby quashes bets on an aggressive rate hike in October
  • New Zealand posts N$2.144B trade deficit in August

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