Aussie dollar boosted on China fix. Japanese yields boosted by potential BoJ switch.
The Aussie dollar higher on a fix and a switch. NAB’s Ken Crompton talks through the impact of a higher currency fix by the PBoC and talk of a policy switch by the BoJ. Both pushed the US dollar lower, helping the AUD to gain ground.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Tuesday 12th September 2023
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How soon will Japan move from negative interest rates? Maybe sooner than we thought after Gov Ueda’s interview over the weekend. NAB’s Ken Crompton talks about the response in Japanese Bond Yields yesterday and overnight. That, combined with a stronger push in the CNY reference rate by the PBoC, pushed the US dollar lower and helped boost the Aussie dollar, to be one of the strongest currency performers. In Europe the EC lowered its growth forecasts, whilst the words from BoE speakers was sounding more hawkish. Today, the NAB business survey will be keenly watched, along with New Zealand’s Pre-Election Economic and Fiscal Update which, Ken says, could signal the need for more government borrowing.
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