Last week saw financiers and investors flee to safety on rising delta variant concerns and mounting pessimism about the rate of economic growth. The Dollar, Yen and Swiss Franc were the weeks top performers in FX on the haven bid whilst commodity currencies slumped lower across the board. AUD/USD closed at its worst levels since November of last year whilst NZD/USD broke down following the imposition of a nation-wide lockdown following the discovery of its first confirmed Covid case since February. The action taken by PM Ardern resulted in the RBNZ pulling back from the expectation of a 25bps hike and instead maintained the OCR at 0.25%.

The week ahead will see PMIs released across Europe and the States whilst participants will now turn their attention to Core PCE data and the Jackson Hole Symposium.
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