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Fresh highs in GBP and NZD
The post-NFP volatility has turned into a slow grind lower for the US dollar and cable (above) is at a new high along with NZD/USD. I think the continuing grind is the right trade but it’s tough to get behind any moves with 3 hours left of trading ahead of a long weekend.
So it’s time to look ahead to next week. I’ll be keying on Fed talk as it’s packed into a three-day window ahead of the blackout period before the Sept 22 decision.
There’s nothing on Tuesday then on Wednesday we get:
- Wiliiams
- Kaplan
- Beige Book
Williams is an important one and it will be interesting to hear if there’s more of a climb-down from Kaplan. I usually disregard the Beige Book but commentary about delta, jobs and inflation will be interesting this time around, and potentially market moving.
Thursday:
- Evans
- Daly
- Bowman
- Kashkari
Bowman is speaking about community banks and we already have a pretty good idea what the rest of the gang will say. Not much to learn here.
Friday:
- Mester
- *Bullard*
Mester will speak at a ‘new avenues for monetary policy’ conference. We’ve heard from her lately but she’s a softer taperer and could offer something new. Bullard isn’t actually scheduled to speak but you know that he will find a way onto the airwaves or newswires.