NAB Morning Call

Friday’s payroll figures in the US showed a surprise increase in wages, sparking feverish activity in bond markets, currencies and equities. Phil Dobbie asks NAB’s Ray Attrill whether the response was justified, and whether this was the correction we had to have? They also look at the local implications, on the Aussie dollar, plus equities and government bonds. And what about the latest power struggle in the UK – Boris for PM? And another potential government shutdown for the US.

Friday’s payroll figures in the US showed a surprise increase in wages, sparking feverish activity in bond markets, currencies and equities. Phil Dobbie asks NAB’s Ray Attrill whether the response was justified, and whether this was the correction we had to have? They also look at the local implications, on the Aussie dollar, plus equities and government bonds. And what about the latest power struggle in the UK – Boris for PM? And another potential government shutdown for the US.

Friday 2nd February 2018

The US dollar slipped again overnight, whilst equities bounced up again. Phil Dobbie asks NAB’s Rodrigo Catril how far the dollar could fall and are shares reaching unsustainable levels? That was the view of Alan Greenspan on Bloomberg this morning. They also look at tonight’s US Labour Market Report – the expectation is for a strong read, but what of today’s surprising fall in productivity? Plus, consumer confidence in New Zealand – just how well are the new government’s policies working out?

Friday 2nd February 2018

The US dollar slipped again overnight, whilst equities bounced up again. Phil Dobbie asks NAB’s Rodrigo Catril how far the dollar could fall and are shares reaching unsustainable levels? That was the view of Alan Greenspan on Bloomberg this morning. They also look at tonight’s US Labour Market Report – the expectation is for a strong read, but what of today’s surprising fall in productivity? Plus, consumer confidence in New Zealand – just how well are the new government’s policies working out?

The Fed has made it’s final rate announcement under the stewardship of Janet Yellen and, as expected, there has been no movement on interest rates. Phil Dobbie asks NAB’s Gavin Friend what we can glean from the commentary. They also discuss rising US Treasury yields, Trump’s State of the Union address, Governor Kuroda’s announcement on the continuance of QE at the Bank of Japan, the fall in the Aussie dollar, mixed data from Europe and whether positive ADP employment data has any bearing on Friday’s non-farm payrolls in the US.

The Fed has made it’s final rate announcement under the stewardship of Janet Yellen and, as expected, there has been no movement on interest rates. Phil Dobbie asks NAB’s Gavin Friend what we can glean from the commentary. They also discuss rising US Treasury yields, Trump’s State of the Union address, Governor Kuroda’s announcement on the continuance of QE at the Bank of Japan, the fall in the Aussie dollar, mixed data from Europe and whether positive ADP employment data has any bearing on Friday’s non-farm payrolls in the US.

Wednesday 31st January 2018

The yield on US 10 year Treasuries is the highest its been since April 2014. Phil Dobbie asks NAB’s Ray Attrill whether it’s all to do with an expectation that the FOMC will up it’s growth and inflation forecasts tomorrow morning (our time). They also look at inflation figures today for Australia and more concerns in Britain about the impact of Brexit. Plus, President Trump’s State of the Union address – will talk of infrastructure spending have any influence on the markets?

Wednesday 31st January 2018

The yield on US 10 year Treasuries is the highest its been since April 2014. Phil Dobbie asks NAB’s Ray Attrill whether it’s all to do with an expectation that the FOMC will up it’s growth and inflation forecasts tomorrow morning (our time). They also look at inflation figures today for Australia and more concerns in Britain about the impact of Brexit. Plus, President Trump’s State of the Union address – will talk of infrastructure spending have any influence on the markets?

Tuesday 30th January 2018

The US dollar rose for a change overnight, with a sell off in US Treasuries pushing yields up to multi year highs. It’s a similar story in Europe. NAB’s Tapas Strickland tells Phil Dobbie that this is an acknowledgement that central banks will continue to unwind their QE programs this year. So, could that mean the US Fed hints at extra rises in their commentary this week? Of the major currencies the pound took the biggest hit – not helped by political uncertainty over whether Tory backbenchers will support the Brexit transition period agreement with the EU. Plus, what to look out for in NAB’s Business Survey for December, released this morning.

Tuesday 30th January 2018

The US dollar rose for a change overnight, with a sell off in US Treasuries pushing yields up to multi year highs. It’s a similar story in Europe. NAB’s Tapas Strickland tells Phil Dobbie that this is an acknowledgement that central banks will continue to unwind their QE programs this year. So, could that mean the US Fed hints at extra rises in their commentary this week? Of the major currencies the pound took the biggest hit – not helped by political uncertainty over whether Tory backbenchers will support the Brexit transition period agreement with the EU. Plus, what to look out for in NAB’s Business Survey for December, released this morning.