Shares Rally In Northern Hiatus
Markets are marking time ahead of the Fed meeting in a month, says NAB’s Gavin Friend. A dearth of data isn’t helping, along with the Northern holiday season cutting trading volumes, potential creating outsized moves.
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Show Notes
Tuesday 20th August 2024
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We are in the thick of the US and European holiday season, mixed with a dearth of data. Hence, shares are pushing higher, presumably on the hope of greater reassurance around rate cuts from the Fed at Jackson Hole. NAB’s Gavin Friend says markets wouldn’t react well if there isn’t some indication that September cuts are on the cards. Meanwhile the US dollar drifts lower, oil takes a hit and bonds remain fairly flat. Today Canada’s CPI is the main data point, whilst we’ll be looking for any additional colour in the latest minutes from the RBA.
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