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Germanys DAX30 index closed down 397.68 points, or 1.68%, at 23,336.07 points on Tuesday, September 16; Britains FTSE 100 index closed down 86.48 points, or 0.93%, at 9,190.55 points on Tuesday, September 16; Frances CAC40 index closed down 78.71 points, or 1.00%, at 7,818.22 points on Tuesday, September 16; Europes The STOXX 50 index closed at 5,373.25 points on Tuesday, September 16, down 67.15 points, or 1.23%; the Spanish IBEX 35 index closed at 15,158.19 points on Tuesday, September 16, down 230.31 points, or 1.50%; and the Italian FTSE MIB index closed at 42,513.00 points on Tuesday, September 16, down 540.72 points, or 1.26%.EU High Representative for Foreign Affairs and Security Policy Kallas: Israels ground military operation in Gaza will worsen an already desperate situation. This will mean more death, destruction and displacement.The Atlanta Feds GDPNow model expects U.S. GDP growth to be 3.4% in the third quarter, compared with the previous forecast of 3.1%.On September 16th, Nick Timiraos, the "Federal Reserves voice," wrote in his latest article: "With a Fed rate cut virtually certain this week, investors will be focused on whether Powell will further his recent shift in stance. Investors will be closely watching for a key piece of information: Will Powell and his colleagues set a total of three rate cuts this year, or stick with their June forecast (when a minority of officials expected two cuts, given the seemingly more robust job market)?" Last month, in a highly anticipated speech, Powells concern about the job market outweighed the concerns of some of his colleagues about inflation. The question now is: Will Powell further intensify this concern after the weak August non-farm payroll report? Doing so would confirm market expectations of further rate cuts in the coming meetings, but would also likely require overcoming the concerns of some colleagues who are hesitant to commit to such a rapid policy shift due to concerns about the neutral interest rate level and whether it should be brought there.According to the Financial Times: Britain has abandoned its plan to impose zero tariffs on steel exports to the United States.

AUD/NZD is projected to dip below 1.1170 as market players focus on the RBA rate decision

Alina Haynes

Aug 31, 2022 11:34

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The AUD/NZD exchange rate has shown less conviction in its recent slide after printing a new four-day low below 1.1700. The cross dropped sharply on Tuesday after breaking below the crucial support level of 1.1200. It is expected that the asset will continue to drop after breaking through its immediate support at 1.1170, as investors remain cautious ahead of the Reserve Bank of Australia's interest rate decision (RBA).

 

The Aussie Bulls fell on Tuesday after poor data on Australian Building Permits was made public. As expected, the latest economic data showed a drop to -25.9%, from the prior report's -17.2%. The monthly numbers also fell drastically, from -0.6% to -17.2%.

 

Interest rates are expected to be raised by the Reserve Bank of Australia (RBA) for the fourth time in a row on Tuesday. So far, the Australian economy has not breathed a sigh of relief as a result of falling pricing pressures. Inflation as measured by the Consumer Price Index (CPI) in Australia is at 6.1% as of the second quarter, and it is quite expected that additional rate hikes will be necessary to bring it down. Furthermore, the Official Cash Rate (OCR) information from RBZ Governor Philip Lowe will be essential.

 

New Zealand kiwi bulls have been supported by upbeat Building Permits data. This latest economic report shows a significant improvement, with a reading of 5% compared to -2.2% in the prior report. For the market as a whole, investors are still picking themselves up from the Reserve Bank of New Zealand's (RBNZ) announcement of two more interest rate hikes for the remainder of the year. In reaction to the soaring inflation, Reserve Bank of New Zealand governor Adrian Orr said last week at the Jackson Hole Economic Symposium that the central bank will announce a couple more interest rate increases.

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