Europe Summary and Highlights 26 Aug
AUD remains firmer out of CPI data
CAD and NOK off slightly as oil drops back further on ongoing talks
Europe
Some mild rotation amongst commodities the main action over the last session. AUD remains firmer coming out of the higher CPI print with hike odds moving up towards 40% for the next meeting. AUD/USD stretched towards 0.7180/72 highs ahead of the bigger 0.7250/75~ tops and AUD/NZD also bounced for the recent 1.21~ band upside ahead of the wider 1.22.
USD/NOK and USD/CAD otherwise towards the week’s highs, if only very mildly offered on the day, as oil continues to slip back (CAD also keeping an eye on any further US responses to Canada’s announced tariff response, though still quite contained).
Oil prices remain towards the low side of the recent action with Iran and Oman discussing ‘a joint temporary navigational corridor’ through the Strait. Iran-Pakistan wider talks also still continue. Brent front month off over $2 ½ and easing back towards 85/84 rang downside again.
Otherwise, market waiting for the US PCE data next, then Nvidia earnings.