Market Talk – Wednesday, Sept. 16

  • AUDUSD increased 0.00359 or 0.49% to 0.73305
  • NZDUSD increased 0.00393 or 0.59% to 0.67492
  • USDJPY decreased 0.51 or -0.49% to 104.92
  • USDCNY decreased 0.02851 or -0.42% to 6.75157

Precious Metals:

  • Gold increased 11.28 USD/t oz. or 0.58% to 1,966.80
  • Silver increased 0.14 USD/t. oz or 0.50% to 27.370

Some economic news from last night:

Japan:

Adjusted Trade Balance increased from 0.04T to 0.35T

Exports (YoY) (Aug) increased from -19.2% to -14.8%

Imports (YoY) (Aug) increased from -22.3% to -20.8%

Trade Balance (Aug) increased from 10.9B to 248.3B

Australia:

HIA New Home Sales (MoM) decreased from 64.4% to -14.4%

MI Leading Index (MoM) increased from 0.1% to 0.5%

New Zealand:

Net Debt Forecast decreased from 30.20% to 27.60%

Economic Forecast increased from -28.293B to -23.358B

Current Account (QoQ) (Q2) increased from 1.56B to 1.83B

Current Account (YoY) (Q2) increased from -8.51B to -5.77B

Current Account % of GDP (Q2) increased from -2.70% to -1.90%

Some economic news from today:

EUROPE/EMEA:

H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation signed a peace accord with Israeli’s Prime Minister, Benjamin Netanyahu, on behalf of UAE President Sheikh Khalifa bin Zayed Al Nahyan.

Dubai’s Emirates NBD signed a memorandum of understanding with Israel’s two largest lenders as the UAE and Israel agreed to normalize relations. Dubai’s biggest bank by assets on Wednesday said it concluded a preliminary agreement with Bank Hapoalim, in a short statement to the Dubai Financial Market, where its shares trade. In a separate statement, the lender also announced an agreement with the country’s second-biggest lender, Bank Leumi, which has a 30 per cent market share.

Real estate experts and developers of Dubai suggests for the sluggish real estate market attempting to recover from the blow of the coronavirus pandemic, the announcement of the retirement visa may help recover Dubai’s declining real estate market and further its economy. Though they agree implications are big, with new sub-sectors being created in the property

market focused on would-be buyers approaching retirement age. One of the three conditions through which expats can be eligible for the retirement visa is for them to own property valued at over AED2 million (close to $550,000).

The major Europe stock markets had a mixed day:

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